H.I.G. Acquire Specialty Alumina Business of Rio Tinto Group

H.I.G. Acquire Specialty Alumina Business of Rio Tinto Group

H.I.G. Europe has completed its acquisition of the specialty alumina business of the Rio Tinto Group. The acquired business will be renamed ALTEO.

ALTEO is an integrated producer and supplier of specialty non-metallurgical grade alumina, with a turnover of nearly €300 million. ALTEO has 4 industrial sites: Gardanne, La Bâthie and Beyrède in France and Teutschenthal in Germany, as well as commercial sites in the United States, the United Kingdom, Japan and China. ALTEO is headquartered in France (www.alteo-alumina.com).

“The acquisition by H.I.G. fits perfectly within the framework of the growth project that we have initiated. We share with H.I.G. a common desire for sustainable and international development in order to consolidate our position as the global leader,” said Frédéric Ramé, General Manager of ALTEO.

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. Since its founding, H.I.G. has invested in and managed more than 200 companies and the firm’s current portfolio includes companies with combined revenues in excess of $8 billion. H.I.G. Capital has more than $8.5 billion of equity capital under management and is based in Miami, FL and has other offices in Atlanta, GA; Boston, MA; San Francisco, CA; London, UK; Rio de Janeiro, Brazil; Hamburg, Germany; and Paris, France (www.higcapital.com).

“We are very proud to have carried out this significant transaction that falls within our strategy of supporting small and medium size companies in their development. With its recognized industrial know-how, first-rate R&D capabilities and an unequalled range of products developed by a top-quality management team, ALTEO has all the necessary components to successfully execute its market penetration strategy,” said Olivier Boyadjian, Managing Director of H.I.G. Capital in France.

© 2012 PEPD • Private Equity’s Leading News Magazine • 9-13-12

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