H.I.G.-backed Recochem buys Paint Over Rust Products

Recochem, which is backed by H.I.G. Capital, has acquired New Rochelle, New York-based Paint Over Rust Products, a maker of metal restoration products, rust preventative solutions, and related car care accessories.

Recochem, which is backed by H.I.G. Capital, has acquired New Rochelle, New York-based Paint Over Rust Products, a maker of metal restoration products, rust preventative solutions, and related car care accessories. No financial terms were disclosed.

PRESS RELEASE

MIAMI–(BUSINESS WIRE)–H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $43 billion of equity capital under management, is pleased to announce that its portfolio company, Recochem (“Recochem” or the “Company”), a global leader in manufacturing, marketing, and distributing automotive aftermarket and household fluids, has acquired Paint Over Rust Products (“POR”).

Headquartered in New Rochelle, NY, POR develops, manufactures, and markets premium metal restoration products, rust preventative solutions, and related car care accessories under the POR-15® brand. POR has grown rapidly by building an omni-channel brand in the automotive aftermarket while offering best-in-class product quality and service.

“POR-15® is the premier brand in the metal restoration and rust preventative category with a very strong following among car enthusiasts. POR fits perfectly into our strategy of expanding the Company’s presence in the U.S. branded car care market,” remarked Richard Boudreaux, President and CEO of Recochem. “POR has an excellent reputation for outstanding products and service, and we are very excited to partner with the team at POR to support the company’s continued expansion.”

David Sherman, Chairman of POR, commented, “We have worked with Recochem for over 25 years and are very excited to partner with the Company for our next phase of growth. We see significant opportunities to leverage the sophisticated digital marketing capabilities and broad distribution footprint at Recochem to drive our business to new heights. We look forward to partnering with Rick and his team to continue serving our customers and expanding our offering across North America.”

“We are delighted to have supported Recochem’s investment in POR,” said Keval Patel, Managing Director at H.I.G. Capital. “The acquisition fits squarely in Recochem’s strategy of adding leading brands to its growing aftermarket car care division while acquiring best-in-class companies that produce automotive aftermarket fluids with significant value creation opportunities.”

POR is the fifth acquisition that Recochem has completed since H.I.G. acquired the Company in August 2018.

About Paint Over Rust Products
Headquartered in New Rochelle, NY, POR develops, manufactures and markets premium metal restoration and rust preventative solutions across online, distribution and retail automotive aftermarket channels. The company‘s full suite of branded car care products includes topcoats, specialty coatings, clearcoats and other related accessories. For more information, visit www.por15.com.

About Recochem
Founded in 1951 in Montreal, Recochem has grown into a leading manufacturer and marketer of branded, private label and bulk automotive aftermarket and household fluids for consumers and industrial customers worldwide. The Company operates a global platform, with a network across North America, Europe, Australia, China, India and the Asia Pacific region. Recochem’s strong reputation in the markets it serves has earned the Company vendor appreciation awards from its customers and long-standing relationships with its suppliers and partners around the world. With innovation and agility built into its DNA, Recochem is poised to continue its expansion into global markets while maintaining its core values of exceptional customer service, consistent product quality and environmental stewardship. For more information, visit www.recochem.com.

About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $43 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 São Paulo, 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. Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.