Terra Millennium Switches Sponsors
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Terra Millennium Switches Sponsors

The origins of Terra Millennium date to 1906 when J.T. Thorpe & Son was founded in San Francisco to back rebuilding efforts after the Great San Francisco Earthquake

Terra Millennium, specializes in refractory, mechanical and specialty services including fireproofing, insulation, coatings, and scaffolding

SOURCE: Terra Millennium

H.I.G. Capital has agreed to acquire Terra Millennium, a provider of outsourced industrial maintenance services, from Court Square Capital Partners which first invested in the company in December 2016.

Salt Lake City, Utah-based Terra Millennium, specializes in refractory, mechanical and specialty services including fireproofing, insulation, coatings, and scaffolding. Operating subsidiaries of Terra Millennium include JTTHORPE, K&G Industrial, Southern Refractories, Brahma Group, Liberty Industrial Group, and Rocky Mountain Industrial Construction Services.

Source: Terra Millennium

Terra Millennium was formed in 1987 as a holding company for J.T. Thorpe & Son (JTT), the oldest and largest refractory contractor in the United States. JTT was founded in 1906 in San Francisco to support the rebuilding efforts following the Great San Francisco Earthquake. In 2002, the costs of asbestos litigation forced Terra Millennium to file for Chapter 11 bankruptcy and create a trust fund to handle future asbestos claims.

Today, Terra Millennium is headquartered in Salt Lake City and operates from a network of 33 offices across the United States. The company’s executive team, led by CEO Bryan Young, will continue to lead the company and remain shareholders in partnership with H.I.G.

“We are well-positioned to continue providing great safety, outstanding quality, and compelling value to each of our customers,” said Mr. Young. “In partnership with H.I.G., Terra Millennium will be equipped to continue executing on our growth plans and vision for the company, including deepening our presence in attractive geographies, expanding our service offering and pursuing add-on acquisitions, while maintaining the strong culture that we have developed over the past century.”

“We are very excited to partner with Bryan, Mark, and the Terra Millennium team,” said Matt Gullen, a managing director at H.I.G. “There are tremendous opportunities ahead for the company given its long track record of providing high-quality, reliable service which is enabled by its highly-skilled, national workforce, and best-in-class leadership team.”

Harris Williams was the financial advisor to Terra Millennium on this transaction. The Harris Williams transaction team was led by Drew Spitzer, Matt White, Neha Shah, Sean Bielawski and Ken Black.

“Terra Millennium, driven by its best-in-class management team, deep industry relationships, and operational excellence, has established itself as a truly differentiated platform that continues to outperform its peers in the specialized industrial services space,” said Mr. Spitzer. “This transaction adds to our successful track record of advising premier infrastructure services companies.”

H.I.G. specializes in providing debt and equity capital to small and medium-sized companies and invests in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses. The firm has over $49 billion of equity capital under management. H.I.G. was founded in 1993 and is headquartered in Miami with additional offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta.

New York City-based Court Square, the seller of Terra Millennium, invests in middle-market companies that have enterprise values of $150 million to $1.5 billion. Sectors of interest include business services, general industrials, healthcare, and technology/telecommunications.

© 2022 Private Equity Professional | June 17, 2022

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