CORRECTING and REPLACING H.I.G. Announces Sale of USALCO
05 Agosto 2024 - 12:28PM
Business Wire
Please replace the release with the following corrected version
due to multiple revisions.
The updated release reads:
H.I.G. ANNOUNCES SALE OF USALCO
H.I.G. Capital ("H.I.G."), a leading global alternative
investment firm with $64 billion of capital under management, is
pleased to announce that it has signed a definitive agreement to
sell its portfolio company USALCO (“USALCO” or the “Company”) to
funds managed by TJC (formerly known as The Jordan Company). H.I.G.
will remain a minority investor in the Company. The transaction is
expected to close in the next few months and subject to customary
closing conditions.
USALCO is a leading provider of water treatment solutions for
municipal and commercial customers in North America, offering
bespoke formulated chemistries with best-in-class product efficacy.
The Company’s unique digital dosing and filtration cleaning
services address a diverse range of water treatment requirements.
Headquartered in Baltimore, MD, USALCO operates 33 manufacturing
and distribution facilities throughout North America. The Company
has a leading market position in each of the markets it serves, has
the lowest cost position in the industry, and provides its
customers with high levels of quality and service.
USALCO was acquired by H.I.G in June 2020 in partnership with
the Company’s family owners. During its ownership, H.I.G. supported
the Company in building a best-in-class management organization,
executing transformative and highly accretive M&A, investing
significant capital to expand USALCO’s specialty production
capabilities and geographic reach, implementing extensive
operational initiatives, and mapping out the strategic path for
USALCO’s transformation into a differentiated, at-scale, water
treatment solutions provider.
Kenneth Gayer, Chief Executive Officer at USALCO, commented:
“H.I.G. has been an exceptional partner to USALCO and instrumental
in helping us transform USALCO into the market leader we are today.
H.I.G. supported significant investments across USALCO, which
strengthened our ability to provide differentiated solutions and
service levels to our customers. This management team is just
getting started and couldn’t be more enthusiastic about our new
partnership with TJC as we execute on our next phase of
growth.”
“Ken and the USALCO management team have done an outstanding job
transforming USALCO from a regional water treatment player to a
differentiated water treatment solutions provider with compelling
growth avenues that will take the business to the next level,” said
Keval Patel, Managing Director at H.I.G. Capital. “USALCO is an
outstanding company led by an exceptional leadership team and we
look forward to participating in the Company’s continued
success.”
BofA Securities, Inc. and Citigroup Global Markets Inc. were
financial advisors to USALCO, and King & Spalding LLP
represented H.I.G. Capital and USALCO as legal counsel in
connection with the transaction.
About USALCO
Headquartered in Baltimore, MD, USALCO is a leading provider of
water treatment solutions for municipal and commercial customers in
North America, offering bespoke formulated chemistries with leading
product efficacy as well as unique digital dosing and filtration
cleaning services to address a diverse range of water treatment
requirements. USALCO operates 33 manufacturing and distribution
facilities throughout North America. The Company has a leading
market position in each of the markets it serves, has the lowest
cost position in the industry, and provides its customers with high
levels of quality and service. For more information, please visit
usalco.com.
About H.I.G. Capital
H.I.G. is a leading global alternative investment firm with $64
billion of capital under management.* Based in Miami, and with
offices in Atlanta, Boston, Chicago, Los Angeles, New York, and San
Francisco in the United States, as well as international affiliate
offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris,
Bogotá, Rio de Janeiro, São Paulo, and Dubai, H.I.G. specializes in
providing both debt and equity capital to mid-sized companies,
utilizing a flexible and operationally focused/value-added
approach:
- H.I.G.’s equity funds invest in management buyouts,
recapitalizations, and corporate carve-outs of both profitable as
well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche, and junior
debt financing to companies across the size spectrum, both on a
primary (direct origination) basis, as well as in the secondary
markets. H.I.G. also manages a publicly traded BDC, WhiteHorse
Finance.
- H.I.G.’s real estate funds invest in value-added properties,
which can benefit from improved asset management practices.
- H.I.G. Infrastructure focuses on making value-add and core plus
investments in the infrastructure sector.
Since its founding in 1993, H.I.G. has invested in and managed
more than 400 companies worldwide. The Firm’s current portfolio
includes more than 100 companies with combined sales in excess of
$53 billion. For more information, please refer to the H.I.G.
website at hig.com.
*Based on total capital raised by H.I.G. Capital and
affiliates.
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version on businesswire.com: https://www.businesswire.com/news/home/20240805276350/en/
Keval Patel Managing Director kpatel@hig.com
H.I.G. Capital 1450 Brickell Avenue 31st Floor Miami, FL 33131 P
305.379.2322 hig.com