An affiliate of H.I.G. Capital has acquired Montreal-based Recochem Inc. — a manufacturer, marketer and distributor of transportation fluids, household fluids and industrial specialty products — in partnership with Recochem management. Financial terms of the transaction were not disclosed. The seller was an affiliate of Swander Pace Capital.
Recochem’s portfolio includes branded, private-label and bulk coolant, windshield wiper fluid, diesel exhaust fluid, fuel additives and performance fluids. The company generates roughly US$380 million in net sales annually, according to H.I.G., serving consumers worldwide. It has operations in Canada, Europe, Australia, China, India and the Asia-Pacific region.
Recochem president and CEO Richard Boudreaux said H.I.G. will support Recochem’s next phase of growth and strengthen its market leadership. “The company continues to have numerous opportunities to expand globally,” Boudreaux stated, “and H.I.G.’s experience in our sector and global presence will help us effectuate our strategic plan.”
Miami-based H.I.G. is a global private equity and alternative assets investment firm with over $25 billion in equity capital under management. Stant Corp. also is an H.I.G. portfolio company.