An affiliate of private equity firm HIG Capital (HIG) has acquired Recochem from an affiliate of Swander Pace Capital, in partnership with Recochem management. Terms of the transaction have not been disclosed.
Founded in 1951 and headquartered in Montreal, Quebec, Canada, Recochem is a global leader in manufacturing, marketing and distributing aftermarket transportation and household fluids. The Company’s product portfolio spans branded, private label and bulk offerings and includes coolant, windshield wash fluid, diesel exhaust fluid and a broad range of household fluids and industrial chemicals. The Company generates approximately USD500 million Canadian Dollars (“CAD”) of net sales annually, serving consumers and industrial customers worldwide through its operations in Canada, Europe, Australia, China, India and the Asia-Pacific region.
Richard Boudreaux, President and CEO of Recochem, says: “We are very excited about partnering with HIG to support Recochem’s next phase of growth and strengthen our market leadership. The Company continues to have numerous opportunities to expand globally and HIG’s experience in our sector and global presence will help us effectuate our strategic plan.”
“We are very excited to partner with the Recochem management team who have a proven track record, doubling the Company’s profitability in the last four years,” adds Keval Patel, Managing Director at HIG “The Company’s diverse product portfolio, strong brand presence, unparalleled global distribution, uniquely position it to capitalise on growth opportunities within the global aftermarket transportation & household fluids market. We look forward to working with Recochem and supporting its next stage of growth.”
