Global private equity firm H.I.G. Capital, has acquired, through one of its affiliates, Recochem Inc. from an affiliate of Swander Pace Capital in partnership with Recochem management. Terms of the transaction were not disclosed.
Founded in 1951 and headquartered in Montreal, Recochem manufactures, markets and distributes aftermarket transportation and household fluids. The company’s product portfolio spans branded, private label and bulk offerings and includes coolant, windshield wash fluid, diesel exhaust fluid and a broad range of household fluids and industrial chemicals. The company generates approximately $500 million CAD of net sales annually, serving consumers and industrial customers worldwide through its operations in Canada, Europe, Australia, China, India and the Asia-Pacific region.
Richard Boudreaux, president and CEO of Recochem, commented, “We are very excited about partnering with H.I.G. to support Recochem’s next phase of growth and strengthen our market leadership. The company continues to have numerous opportunities to expand globally and H.I.G.’s experience in our sector and global presence will help us effectuate our strategic plan.”
“We are very excited to partner with the Recochem management team who have a proven track record, doubling the company’s profitability in the past four years,” added Keval Patel, managing director at H.I.G. “The company’s diverse product portfolio, strong brand presence, unparalleled global distribution, uniquely position it to capitalize on growth opportunities within the global aftermarket transportation and household fluids market. We look forward to working with Recochem and supporting its next stage of growth.”
Recochem represents H.I.G.’s 19th acquisition in the chemical sector since 2008 and becomes its seventh current platform investment in the sector.