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HgCapital exits Hirschmann Car Communication to its management29/03/2007. Source: AltAssets. 
 HgCapital, a private equity investor focused on the European mid-market, has announced the sale of German firm Hirschmann Car Communication GmbH to its management. The transaction is expected to be completed by the end of April.
Shares in HCC will be held by CFOs and CEOs of the Hirschmann Group. The purchase price was not disclosed.
Hirschmann Car Communication GmbH's range of products and services includes transmitter and receiver systems for OEM installation in cars as well as a range of antennas for radio and TV reception, navigation, telephone and other automotive operational applications. The company, which employs about 800 people, has customers including the three major German automotive companies Volkswagen/Audi, BMW and DaimlerChrysler. Hirschmann has production facilities in Germany and Hungary as well as subsidiaries in Europe, the United States and in Asia.
Justin von Simson of HgCapital in Frankfurt said, 'The transaction announced today brings to a favourable conclusion what has been an extremely successful involvement for us with the Hirschmann Group. As was already the case with Hirschmann Automation and Control which we have sold to the US company Belden in January, we have also found an ideal solution for Hirschmann Car Communication that both preserves continuity and gives the company the opportunity with its experienced management as new owners to maintain the positive performance of the past few years.'
HgCapital sold Hirschmann Automation and Control, part of the Neckartenzlingen, Germany-based Hirschmann Group, earlier this year to Belden, a US manufacturer of signal transmission solutions, for €245m.
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