ACG Materials, a portfolio company of H.I.G. Capital, has acquired Diamond Gypsum Company. The buy of Diamond Gypsum is the seventh add-on acquisition that ACG has completed since H.I.G. acquired the company at the end of 2012.
Diamond Gypsum is a miner of gypsum products and owns and operates a quarry in central Oklahoma. The company’s aggregate and processed gypsum products are sold to a number of blue chip customers and are used in a variety of oil and gas, infrastructure and agricultural applications. Diamond Gypsum is located seventy miles northwest of Oklahoma City in Watonga, OK.
“We are excited to further strengthen our position as the leading industrial mineral and aggregate producer in the Midwest,” said Paul Harrington, Chief Executive Officer of ACG Materials. “Diamond Gypsum helps expand our presence in the STACK shale basin, one of the fastest growing energy markets in the US.”
ACG Materials is a diversified minerals miner and processor with 21 mines, 4 downstream processing facilities and over 500 million tons of reserves across Oklahoma, Texas, Nevada, Washington and British Columbia. The company supplies varying grades of gypsum, anhydrite, limestone, caliche, sand & gravel, and aggregate products that serve industries such as building products (wallboard, plasters, decorative home goods), agriculture (fertilizer), infrastructure (roads, bridges), oil & gas (roads and well pads) and food & pharmaceuticals (animal feed, beer, baked goods).
ACG Materials was founded as Harrison Gypsum in 1955 and is headquartered in Norman, OK (www.acgmaterials.com).
“We are pleased to support ACG Materials in its acquisition of Diamond Gypsum and continue our successful track record of acquiring leading mining and processing operations in attractive, high growth, markets,” said Keval Patel, a Managing Director at H.I.G.
H.I.G. 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 $22 billion of capital under management. The firm was founded in 1993 and is based in Miami with additional offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, Atlanta, London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City and Rio de Janeiro (www.higcapital.com).
© 2017 Private Equity Professional | July 28, 2017