H.I.G. Capital News
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H.I.G. Capital Completes Growth Investment in USALCO
MIAMI – June 2, 2020 – H.I.G. Capital ("H.I.G."), a leading global private equity investment firm with $37 billion of equity capital under management, is pleased to announce that one of its affiliates has made an investment in USALCO, LLC (“USALCO” or the “Company”), a leading provider of high quality aluminum-based chemicals used primarily in water and wastewater treatment processes and for the manufacturing of catalysts used by refineries. H.I.G. is partnering with Peter and David Askew as well as the current management team to help provide resources to achieve and take advantage of the Company’s significant strategic growth opportunities. Terms of the transaction were not disclosed.
Founded in 1980 and headquartered in Baltimore, Maryland, USALCO is a leading manufacturer of aluminum-based chemicals, offering its customers high quality products with best-in-class levels of service and industry leading research and development capabilities. USALCO serves its customers efficiently through its network of nine well-located plants in the Mid-Atlantic, Midwest and Southeast United States and an extensive logistics platform. Finally, USALCO’s elite staff of engineers and chemists have created a broad product line that continues to adapt to ever-changing environmental regulations.
Peter Askew, CEO of USALCO, commented, “We are very excited about partnering with H.I.G. to support USALCO’s growth objectives. We have numerous opportunities to expand both organically and inorganically, and H.I.G.’s experience and resources will help us continue and accelerate our successful growth trajectory. We remain highly focused and committed to providing outstanding products and service to our customers and creating a positive and safe work environment for our employees.”
“We are very excited to partner with Peter and David and the USALCO management team, who have a proven track record of building a best-in-class business and providing the highest levels of quality for their customers,” added Keval Patel, Managing Director at H.I.G. ”The Company’s steady and growing revenue profile, highly efficient operations and numerous growth opportunities make this an attractive investment.”
USALCO represents H.I.G.’s 10th current platform investment globally in the chemical sector.
USALCO is a leading provider of high-quality aluminum chemicals used in water and wastewater treatment, refinery catalysts and other industrial end market applications in the United States. Headquartered in Baltimore, MD, USALCO operates nine manufacturing facilities throughout the United States. For more information, visit https://www.usalco.com/.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $37 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, Atlanta and Stamford in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and 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. is also a leading CLO manager, through its WhiteHorse family of vehicles, and 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.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.