H.I.G. Capital ("H.I.G.") and Covestro have signed an agreement to acquire the European Polyurethane Systems Business. The international law firm Taylor Wessing advises H.I.G., under the joint lead of the Frankfurt Finance partners Sabine Schomaker and Ulf Gosejacob, on the financing of the acquisition. The acquisition will be funded by Apera Asset Management, a pan-European mid-market debt investor, as part of a tailored financing package.
The European Polyurethane Systems Business operates four systems houses in Germany, Denmark, the Netherlands and Spain. It employs approximately 250 full-time employees and generates annual sales of approximately EUR 230million. Systems houses develop and formulate tailor-made ready-to-use chemical blends for the production of a wide range of polyurethane products such as insulation materials, foams, shoe soles, and building materials. The Company serves a wide range of small- and mid-sized customers across Europe and will be led by Dr. Jörg Schottek, an experienced executive in the chemical industry.
About H.I.G. Capital
H.I.G. is a leading global investment company with over € 26 billion in equity under management. The company is headquartered in Miami, with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco and Atlanta, as well as London, Hamburg, Madrid, Milan, Paris, Bogota, Rio de Janeiro and São Paulo. H.I.G. specializes in equity and debt capital investments in small and medium-sized companies and pursues a flexible investment approach aimed at operational improvement and value creation:
- The H.I.G. managed private equity funds invest in medium-sized companies, e.g. in the form of buy-outs or carve-outs, growth financing or privatizations. This is where the long-term operationally experienced employees of H.I.G. closely with the respective management.
- H.I.G. Debt funds invest in senior and junior debt financing for companies of various size categories in both the primary and secondary markets. H.I.G. WhiteHorse is a leading manager of Collateralized Debt Obligations (CLOs) and has a publicly listed Business Development Company (WhiteHorse Finance).
- H.I.G. real estate funds invest in value-add real estate that can benefit from improved asset management.
Since its foundation in 1993, H.I.G. invested in more than 300 companies worldwide. The current portfolio of the H.I.G. Group includes more than 100 companies with a total turnover of more than 28 billion euros.
Legal Advisor H.I.G. Capital
Taylor Wessing Germany: Joint lead: Sabine Schomaker (Partner) and Ulf Gosejacob (Salary Partner), Dr. Michael Beyer (senior associate), Lucas Merschmöller (associate) all banking and finance law, all Frankfurt.
Taylor Wessing Netherlands: Andrei Babiy (Partner), Eyup Cerci (Associate)
