M&A Deal Summary

CapVest and H.I.G. Private Equity Acquire Recochem

On November 6, 2023, private equity firms CapVest and H.I.G. Private Equity acquired chemicals company Recochem from H.I.G. Private Equity

Acquisition Highlights
  • This is CapVest’s 1st and H.I.G. Private Equity’s 13th transaction in the Chemicals sector.
  • This is CapVest’s 1st and H.I.G. Private Equity’s 14th transaction in Canada.
  • This is CapVest’s 1st and H.I.G. Private Equity’s 3rd transaction in Quebec.

M&A Deal Summary
Date 2023-11-06
Target Recochem
Sector Chemicals
Buyer(s) CapVest
H.I.G. Private Equity
Sellers(s) H.I.G. Private Equity
Deal Type Secondary Buyout

Target

Recochem

Montreal, Quebec, Canada
Recochem producer, contract packager and wholesale distributor of household and transportation 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. Recochem was founded in 1951 and is based in Montreal, Quebec.

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Buyer(S) 2

Buyer

CapVest

London, United Kingdom
Category Private Equity Firm
Founded 1999
PE ASSETS 4.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

CapVest is a UK-based private equity firm that targets investments in mid-market businesses across Europe. CapVest focuses on profitable companies with growth potential and strong management. Specific areas of interest include food/beverages (especially frozen food sector), healthcare, real estate, retail, media, hotel/leisure, and telecommunication services. CapVest is affiliated with junior capital investor, MezzVest. CapVest was formed in 1999 and is based in London.

DEAL STATS #
Overall 23 of 23
Sector (Chemicals) 1 of 1
Type (Secondary Buyout) 15 of 15
State (Quebec) 1 of 1
Country (Canada) 1 of 1
Year (2023) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-13 Kerridge

Hungerford, United Kingdom

Kerridge provides software to over customers across the world in a number of vertical markets including building materials and supplies, automotive, industrial, electrical, food and beverage, pharmaceuticals, rental equipment and other distributive trade verticals. Kerridge was founded in 1976 and is based in Hungerford, United Kingdom.

Buy £800M
Buyer

H.I.G. Private Equity

Miami, Florida, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HIG Private Equity is the private equity arm of HIG Capital LLC. The firm focuses on management buyouts, growth equity investments, and recapitalizations of middle market companies with an enterprise value of $50 - $1000 million. The Firm also will consider add-on acquisitions, industry consolidations, going-privates, and corporate divestitures. Sectors of interest include aerospace, building materials, business services, consumer products, distribution, healthcare, infrastructure, contracting, manufacturing, media, oil & gas services, IT, and transportation. HIG was formed in 1993 and has offices in Miami, Atlanta, Boston, and San Francisco. HIG's European affiliate is HIG Europe with offices in London, Hamburg, and Paris.

DEAL STATS #
Overall 344 of 369
Sector (Chemicals) 13 of 14
Type (Secondary Buyout) 59 of 68
State (Quebec) 3 of 3
Country (Canada) 14 of 14
Year (2023) 13 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-01 HCS Group

Hamburg, Germany

HCS Group is a supplier of solutions for high-end hydrocarbons and specialties. The HCS Group produces a wide range of speciality chemicals which are used in industries such as downstream chemicals, pharmaceuticals, agro-chemicals and printing inks. It also produces performance fuels and antifreeze products. HCS Group was founded in 1898 and is based in Hamburg, Germany.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-05 Mainline

Tallahassee, Florida, United States

Mainline is an ITSP that offers high-value, customized IT solutions to blue-chip enterprises. The company's differentiated solution offerings are wrapped in unique value-added products and services that support mission-critical IT infrastructure, applications, and data assets. Mainline was founded in 1989 and is based in Tallahassee, Florida.

Buy -

Seller(S) 1

SELLER

H.I.G. Private Equity

Miami, Florida, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HIG Private Equity is the private equity arm of HIG Capital LLC. The firm focuses on management buyouts, growth equity investments, and recapitalizations of middle market companies with an enterprise value of $50 - $1000 million. The Firm also will consider add-on acquisitions, industry consolidations, going-privates, and corporate divestitures. Sectors of interest include aerospace, building materials, business services, consumer products, distribution, healthcare, infrastructure, contracting, manufacturing, media, oil & gas services, IT, and transportation. HIG was formed in 1993 and has offices in Miami, Atlanta, Boston, and San Francisco. HIG's European affiliate is HIG Europe with offices in London, Hamburg, and Paris.

DEAL STATS #
Overall 164 of 175
Sector (Chemicals) 9 of 10
Type (Secondary Buyout) 66 of 71
State (Quebec) 1 of 1
Country (Canada) 6 of 8
Year (2023) 11 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-01 HCS Group

Hamburg, Germany

HCS Group is a supplier of solutions for high-end hydrocarbons and specialties. The HCS Group produces a wide range of speciality chemicals which are used in industries such as downstream chemicals, pharmaceuticals, agro-chemicals and printing inks. It also produces performance fuels and antifreeze products. HCS Group was founded in 1898 and is based in Hamburg, Germany.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-05 Mainline

Tallahassee, Florida, United States

Mainline is an ITSP that offers high-value, customized IT solutions to blue-chip enterprises. The company's differentiated solution offerings are wrapped in unique value-added products and services that support mission-critical IT infrastructure, applications, and data assets. Mainline was founded in 1989 and is based in Tallahassee, Florida.

Buy -
Mergr

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