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Wednesday, May 24, 2017
VOLUME -23 NUMBER 12
Publication Date: 12/1/2008
Front Page News
People in the News
Electronic Mfg. Services
Electronic Mfg. Products
Special Feature: Test and Measurement
Product Preview: Electronic West / MDM
December 2008 Issue
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Petroferm Inc. acquired by H.I.G. Chemicals Holdings
Gurnee IL, — Petroferm Inc. has been acquired by H.I.G. Chemicals Holdings, Corp., a subsidiary of H.I.G. Capital, L.L.C. Petroferm, a specialty chemical manufacturer and formulator, had been privately held. H.I.G., a global private equity firm focused on middle-market companies, is acquiring Petroferm including the company's operations in Gurnee, Illinois and Fernandina Beach, Florida.
The Joseph Storey (UK) division will be spun off to Petroferm shareholders. According to H.I.G. sources, the Petroferm chemical business is an excellent complement to its North American oleochemical business, Uniqema Americas1, which was acquired from Croda International, PLC earlier this year. H.I.G. plans to maintain the two as distinct operating subsidiaries. However, customer and end-market overlap will provide substantial opportunities to grow through coordinated efforts. The two businesses will have combined sales in excess of $300 million.
Petroferm sees the investment providing significant benefits to customers and employees.
Contact: Petroferm Inc., Cleaning Products Group, 3938 Porett Drive, Gurnee, IL 60031