MIAMI (July 20, 3:30 p.m. ET) — HIG European Capital Partners GmbH has bought Haltermann Products, a German unit of the Dow Chemical Co. that makes polyurethane foam additives and other hydrocarbon chemicals.
No purchase price was disclosed in the deal between Midland, Mich.-based Dow and HIG, which is a unit of HIG Capital of Miami.
Haltermann is based in Hamburg, Germany, and operates a plant there as well as one in Speyer, Germany. The firm is more than 100 years old and has annual revenues of more than $200 million, making test and reference fuels, as well as cyclopentanes that are used as blowing agents in PU foam for insulation and energy conservation.
In a July 18 news release, officials said that Haltermann “has a strong blue chip customer base and very strong ties with its suppliers based on decades of successful cooperation.”
“With this investment, H.I.G. Europe continues its successful track record of investing in corporate carve-out transactions,” HIG Europe managing director Wolfgang Biedermann said in the release. “Going forward, we will grow the business of Haltermann by extending its geographic reach, its product offering and via acquisitions.”
HIG has invested in more than 200 companies in its 18-year history. Its current portfolio includes more than 50 firms with combined annual sales of more than $7 billion.