Recochem Acquired by CapVest from H.I.G. Capital
H.I.G. Capital ("H.I.G.") and CapVest Partners LLP (“CapVest”) are pleased to announce that H.I.G portfolio company, Recochem (the “Company”), has been acquired by funds managed by CapVest. H.I.G. will remain a minority investor in the Company.
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Recochem, with revenues in excess of $1 billion, is a leading global manufacturer, marketer, and distributor of aftermarket transportation and household fluids. The Company serves consumers and industrial customers worldwide through its operations in North America, Europe, Australia, and Asia-Pacific.
H.I.G, a leading global alternative investment firm, acquired Recochem in August 2018 in partnership with the Company’s management team. Through product category and geographic expansion, execution of strategic initiatives, and synergistic add-on acquisitions, the Company achieved significant growth under H.I.G.’s ownership period.
Shawn Davies, Recochem’s President & CEO, commented: “H.I.G. has been an outstanding partner to Recochem and instrumental in helping us execute on our strategic vision. H.I.G. added significant value to our business and our leadership team while supporting investments across the Company, all of which have strengthened our ability to deliver high-quality products and best-in-class service to our customers. We are excited to partner with CapVest to support Recochem’s next phase of growth. Their track record, expertise, and experience make CapVest an ideal partner for us as we pursue our ambitious plans for the future.”
“It’s truly been a pleasure working with the Recochem management team these past five years. They have done an exceptional job transforming the business into larger, stronger and more diversified company with multiple levers of growth,” said Keval Patel, Managing Director at H.I.G. Capital. “Recochem is a world class company with great leadership and exciting growth prospects. We look forward to participating in the Company’s future success”.
Timothy Colson, Partner at CapVest, said: “We see significant strategic opportunities for Recochem to capitalize on in the future and look forward to working with the Recochem management team to continue to realize the Company’s tremendous potential. The Company is well positioned to continue expanding both organically and through strategic mergers and acquisitions, which will drive growth and benefit its customers by making an even wider portfolio of high-quality products and solutions available to them.”
Harris Williams, Robert W. Baird, and CG Sawaya Partners were financial advisors to Recochem and McDermott Will & Emery LLP and Blake, Cassels & Graydon LLP represented H.I.G. Capital and Recochem as legal counsel in connection with the transaction.
Jefferies LLC, Truist Securities, Inc. and Lincoln International LLC were financial advisors to CapVest, with Willkie Farr & Gallagher LLP and Kirkland & Ellis LLP acting as legal counsel.
Founded in 1951 and headquartered in Montreal, Quebec, Canada, Recochem is a global leader in manufacturing, marketing, and distributing aftermarket transportation and household fluids. The Company’s product portfolio spans branded, private label, and bulk offerings and includes coolant, appearance products, windshield wash fluid, diesel exhaust fluid, and a broad range of household fluids and industrial chemicals. The Company serves consumers and industrial customers worldwide through its operations in North America, Europe, Australia, and Asia-Pacific. For more information, please visit www.recochem.com.
About H.I.G. Capital
H.I.G. Capital is a leading global alternative investment firm with $59 billion of 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:
- 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.
- 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. also manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
- H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.
Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $52 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
*Based on total capital raised by H.I.G. Capital and affiliates.
CapVest is a leading international private equity investor that partners with ambitious companies supplying essential goods and services to transform their businesses. As an active and patient investor, CapVest has established a strong record of success in delivering attractive returns by working closely with management in transforming the size and scale of its portfolio companies through a combination of organic and acquisition led growth.
CapVest seeks to invest in highly resilient industries where the demand driver for the product or service is non-discretionary. Its core sectors include consumer staples, healthcare and essential services.
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