H.I.G. Capital has acquired Petroform Inc., a Gurnee, Ill.-based specialty chemicals company focused on surfactants, formulations and services for industrial and consumer products. No financial terms were disclosed.
H.I.G. Capital, LLC (“H.I.G.”), a leading global private equity firm based in Miami, Florida, announced today that it acquired Petroferm, Inc. (“Petroferm”), a specialty chemicals company, through one of its portfolio companies, H.I.G. Chemicals Holdings Corp. The acquisition includes the Lambent Technologies division.
Petroferm is a leading producer of specialty chemicals, serving a wide variety of end markets and blue-chip customers. Its products include surfactants, esters and alkoxylates, as well as specialty cleaning solutions, fuel additives and oilfield chemicals. The Company’s manufacturing facility is located in Gurnee, Illinois.
H.I.G. believes the Petroferm business is an excellent complement to its industry-leading North American oleochemical business, Uniqema Americas1, which was acquired from Croda International, PLC earlier this year. H.I.G. plans to maintain the two as distinct operating subsidiaries. However, customer and end-market overlap will provide substantial opportunities to grow through coordinated efforts. The two businesses will have combined sales in excess of $300 million.
Bob Drennan, Chairman of H.I.G. Chemicals Holdings Corp, said “This investment is highly beneficial to both Petroferm’s customers and its employees. With H.I.G.’s strong financial backing and the affiliation with their oleochemicals business, we believe we are uniquely positioned to make the investments required to grow the business in response to customers’ needs and to offer a broad portfolio of specialty chemicals.”
H.I.G. is partnering with Petroferm’s current management team to complete its second acquisition in the chemical industry this year. Rick Rosen, a Managing Director of H.I.G., commented: “We are excited to partner with Petroferm’s outstanding management team and to work with them to grow the business. We see tremendous opportunity in the specialty chemicals industry and are confident in Petroferm’s future success.”
About Petroferm, Inc.:
Petroferm is a specialty chemicals company concentrating on high-performance surfactants, formulations and services for industrial and consumer products. Lambent Technologies, the Company’s largest division, develops, manufactures and supplies products for the Lubricant, Personal Care, Food Processing, and Household, Industrial and Institutional industries. The Cleaning Products division develops, manufactures and supplies industrial cleaning agents for precision parts manufacturing while the Fuels Products group formulates, manufactures and supplies fuel additives and oilfield chemicals. For more information on Petroferm and its divisions, visit www.petroferm.com.
About H.I.G. Capital:
H.I.G. Capital is a leading global private equity investment firm with more than $7.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes companies with combined revenues in excess of $7 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.