Our ratings on Hupah Holdings S.A. (doing business as Capital Safety Group, based in Red Wing, Minn.) reflect the company's "weak" business risk profile and "highly leveraged" financial risk profile, as our criteria define the terms. Capital Safety Group manufactures fall protection, confined space, and rescue equipment such as harnesses, lanyards, blocks, and anchor points. The company's main end markets include construction (24% of revenues), oil and gas (21%), industrial (12%), utilities (11%), and transportation (9%). We believe Capital Safety's business profile will remain weak because of its narrow focus in a niche market, fall protection equipment, which is a subset of the competitive and fragmented personal protection equipment industry. This limits the company's scale of operations. The company's overall...
Companies mentioned in this report are:
- Capital Safety Group S.A.
- Capital Safety North America Holdings Inc.
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