Jul 18 2011
H.I.G. Europe, the European arm of global private equity firm H.I.G. Capital, today announced that funds advised by H.I.G. European Capital Partners GmbH have acquired the business of Haltermann Products, a Germany-based producer of hydrocarbon chemicals as well as test & reference fuels from The Dow Chemical Company.
Operating from two production sites in Hamburg and Speyer, Haltermann generates over €150 million of revenues and produces refinery products for use in graphic arts, plastics processing, automotive, pharma, fine chemicals, electronics, cosmetics and coatings. Haltermann, which was founded more than 100 years ago, is a household name in the areas of test & reference fuels for the automotive industry and in hydrocarbons used in the pharmaceuticals and electronics sectors. It is a key supplier of high purity n/i- pentanes as well as cyclopentanes that are used as blowing agents in the production of polyurethane foams serving an ever increasing need for insulation and energy conservation. Haltermann has a strong blue chip customer base and very strong ties with its suppliers based on decades of successful cooperation.
H.I.G. Europe will continue to build on Haltermann's strong brand within the chemical industry and will focus on growth outside its core German market as well as the extension of the company's product portfolio. The Haltermann business will be headed by Dr. Uwe Nickel, formerly board member of Clariant AG; prior to joining Haltermann, he managed the chemicals practice of consulting firm Arthur D. Little.
Wolfgang Biedermann, Managing Director at H.I.G. Europe, commented:
"With this investment, H.I.G. Europe continues its successful track record of investing in corporate carve-out transactions. We are excited to work with management to allow Haltermann to operate with increased customer focus and increased flexibility. Going forward, we will grow the business of Haltermann by extending its geographic reach, its product offering and via acquisitions."
Johannes Natterer, Director at H.I.G. Europe, added:
"With its high purity hydrocarbons for growing niche applications, Haltermann has a unique position in the European Chemicals landscape. Its name stands for a proud history and reliable service and we look forward to building on this history and to working with management and employees of Haltermann in growing the business."
The Haltermann investment marks H.I.G. Europe's third new investment in Germany and seventh in Europe since the beginning of 2011.