Valtris Specialty Chemicals, a portfolio company of H.I.G. Capital, has acquired ICT and Baleycourt from INEOS Enterprises. No financial terms were disclosed. Based in Belgium and the Netherlands, ICT is a producer of chlorinated toluenes and related derivatives while France-based Baleycourt makes products that serve the polymer additives, lubricant, renewable energy and food markets.
MIAMI–(BUSINESS WIRE)–H.I.G. Capital, LLC (“H.I.G.”), a leading global private equity investment firm with over $25 billion of equity capital under management, is pleased to announce that its portfolio company, Valtris Specialty Chemicals (“Valtris”), has acquired INEOS ChloroToluenes (“ICT”) and INEOS Baleycourt (“Baleycourt” and, together with ICT, the “Companies”) from INEOS Enterprises. The combination creates a global specialty chemicals business with a broad product portfolio, strong technical capabilities and world-class customer service.
With production facilities in Belgium and the Netherlands, ICT is a leading producer of chlorinated toluenes and related derivatives that are used in coatings, flavor & fragrance, personal care and pharmaceutical applications. Based in northeast France, Baleycourt produces high-quality products that serve the polymer additives, lubricant, renewable energy and food markets.
Paul Angus, CEO of Valtris commented, “ICT and Baleycourt are highly strategic acquisitions with strong secular growth drivers that significantly enhance our product portfolio, expand our European presence and strengthen our technology and production capabilities. We are excited to offer our customers an even broader solution offering and pursue the attractive, new growth opportunities that the acquisitions create.”
Ashley Reed, CEO of INEOS Enterprises added, “We are proud of ICT and Baleycourt’s accomplishments as part of the INEOS family. Both Companies have built industry leading businesses with reputations for product quality, service reliability and customer satisfaction. We are confident that the Valtris team is the right partner for ICT, Baleycourt, and their employees.”
Keval Patel, Managing Director at H.I.G. commented, “We are pleased to add ICT and Baleycourt to the Valtris platform. The Companies have achieved impressive growth and have capabilities that are highly complementary to Valtris. We look forward to continuing to support the Valtris team and are very excited about the future prospects of the business.”
H.I.G. currently has seven active portfolio investments in the chemicals sector, and ICT and Baleycourt represent H.I.G.’s 17th and 18th acquisitions in the sector since 2008.
Valtris Specialty Chemicals, based in Independence, OH, is a leading manufacturer of specialty chemicals primarily used as additives in the production and processing of plastics. These chemicals impart critical attributes to plastics including resiliency, flexibility and ease of processing. Valtris operates seven manufacturing facilities globally, five within the US, one in the UK and one in India. For more information, visit http://www.valtris.com/.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over $25 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, Mexico City, 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:
1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 200 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.
About INEOS Enterprises
INEOS ChloroToluenes and INEOS Baleycourt are a part of INEOS Enterprises (http://www.ineosenterprises.com) which comprises a portfolio of businesses manufacturing chemical products in Northern Europe, with sales of €2bn around the world. INEOS Enterprises is focused on the developing needs of customers and rapid growth through investment in new products and manufacturing facilities or by acquisition. INEOS Enterprises employs 2,000 people across sites in the UK, France, Germany, Sweden, Switzerland, Belgium, Netherlands, and the USA.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.