ACG Materials, a portfolio company of H.I.G. Capital, has acquired Watonga, Oklahoma-based Diamond Gypsum, a miner of gypsum products. No financial terms were disclosed.
MIAMI–(BUSINESS WIRE)–H.I.G. Capital (“H.I.G.”), a leading global private equity investment firm with approximately $22 billion of equity capital under management, is pleased to announce that its portfolio company, ACG Materials (“ACG” or the “Company”), a leading producer and processor of industrial minerals, aggregates and downstream products that are utilized in a diverse number of end markets, has acquired Diamond Gypsum Company (“Diamond Gypsum”).
Located in Watonga, Oklahoma, Diamond Gypsum is a leading miner of gypsum products sold into various oil & gas, infrastructure and agricultural applications. Diamond Gypsum owns and operates a quarry in central Oklahoma and serves a diverse set of blue chip customers with high quality aggregate and processed gypsum products.
“We are excited to further strengthen our position as the leading industrial mineral and aggregate producer in the Midwest,” commented Paul Harrington, Chief Executive Officer of ACG Materials. “Diamond Gypsum helps expand our presence in the STACK shale basin, one of the fastest growing energy markets in the U.S. We look forward to partnering with Diamond Gypsum’s strong employee base and building upon their reputation for unmatched product quality and customer service.”
Keval Patel, a Managing Director at H.I.G., said, “We are pleased to support ACG Materials in its acquisition of Diamond Gypsum and continue our successful track record of acquiring leading mining and processing operations in attractive, high growth, markets.”
Diamond Gypsum is the seventh add-on acquisition that ACG Materials has closed since H.I.G. acquired the Company at the end of 2012.
About Diamond Gypsum
Centrally located in Watonga, Oklahoma, Diamond Gypsum is a leading miner of gypsum products sold into various oil & gas, infrastructure and agricultural applications. Diamond Gypsum owns and operates a quarry in central Oklahoma and serves a diverse set of blue chip customers with high quality aggregate and processed gypsum products.
About ACG Materials
ACG Materials, based in Norman, Oklahoma, mines, mills, processes, and distributes industrial minerals and aggregates including gypsum, anhydrite, limestone, sand, gravel and downstream food, pharmaceutical and plaster products across a diverse set of end markets including building products, energy, industrials, infrastructure, agriculture, food and pharmaceuticals. The Company operates out of 21 locations across the Midwest, South and West regions of the U.S. ACG Materials was founded as Harrison Gypsum, LLC in 1955. For more information, call 1-800-624-5963, or visit www.acgmaterials.com.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with approximately $22 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and Mexico City, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach. For more information, please refer to the H.I.G. website at www.higcapital.com.