H.I.G. Capital (“H.I.G.”) and CapVest Partners LLP (“CapVest”) announced 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.
Recochem, with revenues in excess of $1 billion, is a 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 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.
“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,” said Shawn Davies, Recochem’s president & CEO. “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.”
