H.I.G. to acquire Terra Millennium

H.I.G. Capital has agreed to acquire Salt Lake City-based Terra Millennium, a provider of industrial maintenance services. The seller is Court Square Capital Partners. No financial terms were disclosed. The deal is expected to close in the second quarter of this year.

PRESS RELEASE

MIAMI – May 26, 2022 – H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with over $49 billion of equity capital under management, is pleased to announce that one of its affiliates has signed a definitive agreement to acquire Terra Millennium Corporation (“Terra Millennium” or the “Company”), a leading national provider of outsourced industrial maintenance services, including refractory maintenance and other specialized services from Court Square Capital Partners. Terra Millennium’s executive team, led by CEO Bryan Young, will continue to lead the Company, and remain as significant shareholders. Executive Chairman Mark Stutzman will continue as a non-executive board member and significant shareholder.

Founded in 1906 and headquartered in Salt Lake City, UT, Terra Millennium provides mission-critical industrial services, including refractory design and maintenance, mechanical services, fireproofing, coatings, insulation, and scaffolding. The Company services a diverse blue-chip customer base across a broad range of industrial end markets, including cement, steel, renewables, chemicals, mining, pulp & paper, and refining. Terra Millennium operates from a network of 33 offices across the country.

“I am proud of Terra Millennium’s success to date. The investment by H.I.G. is recognition of all that the team has accomplished, and we are excited to partner with H.I.G. to support our next phase of growth,” said Mark Stutzman, Executive Chairman of Terra Millennium.

Bryan Young, CEO of Terra Millennium, added “We are well-positioned to continue providing great safety, outstanding quality, and compelling value to each of our customers. In partnership with H.I.G., Terra Millennium will be equipped to continue executing on our growth plans and vision for the Company, including deepening our presence in attractive geographies, expanding our service offering and pursuing add-on acquisitions, while maintaining the strong culture that we have developed over the past century.”

“We are very excited to partner with Bryan, Mark, and the Terra Millennium team,” said Matt Gullen, Managing Director at H.I.G. Capital. “There are tremendous opportunities ahead for the Company given its long track record of providing high-quality, reliable service which is enabled by its highly-skilled, national workforce, and best-in-class leadership team. The Company has established itself as a leader in the industry, and we look forward to working with Terra Millennium to build upon their success and support continued growth initiatives.”

The transaction is expected to close in Q2 2022 and is subject to customary closing conditions.

Macquarie Capital and Stifel acted as financial advisors and provided committed financing, and McDermott Will & Emery LLP provided legal advice, to H.I.G. Capital. Harris Williams and Evercore acted as financial advisors, and Dechert LLP acted as legal counsel, to the Company on the transaction.

About Terra Millennium
Terra Millennium Corporation (“Terra Millennium” or the “Company”) is a leading provider of outsourced industrial maintenance services, including refractory design and maintenance, fireproofing, insulation, coatings, scaffolding and mechanical services. Founded in 1906 and headquartered in Salt Lake City, Utah, Terra Millennium is the parent company to seven entities (i) JTTHORPE, (ii) JTTHORPE International, (iii) K&G Industrial, (iv) Southern Refractories, Inc., (v) Brahma Group, (vi) Liberty Industrial Group, and (vii) Rocky Mountain Industrial Construction Services. Terra Millennium operates from a network of 33 offices across the United States.