H.I.G. Capital has Acquired U.S. Oleochemical Business from Croda International PLC
MIAMI – June 3, 2008 – H.I.G. Capital, L.L.C. (“H.I.G.”) a leading global private equity firm, announced today that it has completed the previously announced acquisition of Croda International’s U.S. oleochemical business (“Oleo” or the “Company”). The transaction had a value of approximately $92 million.
H.I.G. and the current management team plan to use the Company’s infrastructure as a platform for future internal growth and selective add-on acquisitions in the specialty chemical industry.
About the Company
Oleo is a leading North American supplier of oleochemicals which are used in personal care products, industrial lubricants, chemical derivatives, and other household and industrial formulated products. In a complex, multi-staged process, the Company processes naturally occurring fats and oils into a range of oleochemicals. The Company is headquartered in Chicago, IL and is home to one of the industry’s largest and most efficient oleochemical production facilities. Oleo, with revenues in excess of $190 million, has been a leader in fatty acid production in North America for over 20 years and is known for its high quality, dependable products and customer service.
About H.I.G. Capital
H.I.G. Capital L.L.C. (“H.I.G.”) 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. has completed more than 100 transactions. The firm currently manages a portfolio of more than 50 companies with combined revenues in excess of $7 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.