Valtris Specialty Chemicals, a portfolio company of H.I.G. Capital, has acquired Akcros Holdings, a specialty chemical company based in the UK.
Akcros products are used as additives in the production and processing of polymers, paint, and coatings. Akcros has two primary manufacturing sites, one in Eccles, UK (near Manchester) and the other in New Brunswick, NJ (near New York City) with additional production capability in Mumbai, India and Guangzhou, China. The company is led by its CEO Richard Catchpole. Akcros (www.akcros.com) was founded in 1937 and has annual revenues of approximately €100 million ($112 million).
Valtris, acquired by H.I.G. as a carve-out from Ferro in December of 2014, is a manufacturer of chemical additives used in the production and processing of polymers, sealants, and chemical intermediates. The company was founded in 1940 and is headquartered south of Cleveland in Independence, OH with seven additional global facilities (www.valtris.com).
“Akcros is a highly strategic and complementary acquisition for us, providing new and multiple avenues for growth,” said Paul Angus, CEO of Valtris. “There are significant opportunities to enhance our product offerings and Valtris will now be a leading polymer additives company not only in North America but also in Europe, a major strategic goal of Valtris.”
Akcros is the eleventh acquisition that H.I.G. has completed in the specialty chemicals sector since 2008 and fourth in the last two years.
“Akcros is an industry leader in Europe in a number of product lines that are highly complementary to Valtris,” said Keval Patel, Managing Director of H.I.G. Capital. “We are pleased to support this acquisition and continue to be excited regarding the company’s future prospects.”
H.I.G. Capital specializes in providing capital to small and medium-sized companies and invests in management-led buyouts and recapitalizations of manufacturing or service businesses. H.I.G. has more than $19 billion of capital under management. The firm was founded in 1993 and is based in Miami with additional offices in Atlanta, Boston, Chicago, Dallas, New York, San Francisco, London, Hamburg, Madrid, Milan, Paris, and Rio de Janeiro (www.higcapital.com).
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 4-26-16