The European arm of private equity firm HIG Capital, HIG Europe, has announced that one of its portfolio companies, Haltermann Holding GmbH had acquired Petrochem Carless Holdings Ltd. Petrochem is one of the leading refiners and producers of hydrocarbons chemicals based in the UK with revenues nearing GBP350 million in 2012.
PCL has products that are in use by many industries such as chemicals, agrochemicals, consumer goods, oil and gas, automotive and printing. It has become one of the most established supplier in these industries that has expanded in the past years.
On the other hand, Haltermann is a specialty hydrocarbon producer based out of Germany. In joining the two firms, the new company would become a significant player in the European hydrocarbon industry.
According to Paul Canning, HIG Europe Managing Director, "With this milestone follow-on investment, HIG Europe brings together two strong players in the European specialty hydrocarbon landscape. It is our goal to ensure that both companies continue on their growth trajectory. This investment underlines HIG's investment strategy which focuses on supporting its portfolio companies to drive significant value creation through various growth and efficiency improvement initiatives."
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