H.I.G. Capital Announces the Sale of Elekeiroz to Oswaldo Cruz Química
RIO DE JANEIRO – March 23, 2023 – H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $55 billion of assets under management, announced today that one of its affiliates has successfully completed the sale of Elekeiroz (“Elekeiroz” or the “Company”), a leader in the Oxo-Alcohols, Plasticizers, Phthalic & Maleic Anhydrides and Sulfuric Acid markets in Brazil. The purchaser is Oswaldo Cruz Química, a leading player in the Latin American specialty chemical market.
Fernando Marques Oliveira, Managing Director and Head of H.I.G. Brazil and Latin America said, “It has been a privilege to support Elekeiroz for the past five years. Alongside Elekeiroz’s management team, we were able to enhance the Company’s leading market position in Brazil, and execute several growth and cost-efficiency projects. We are confident that Elekeiroz is ready to enter into its next phase of growth, partnering with a significant player in the chemical market”.
Following its investment in 2018, H.I.G. worked with Elekeiroz’s management to expand production capacity, optimize the Company’s SG&A structure, and develop and execute a strategic five-year plan and forward looking ESG roadmap.
“By leveraging H.I.G.’s longstanding relationships in the chemicals industry, as well as our ability to execute a deal with a complex structure, we were able to steer the company to the next level by investing in green plasticizers and creating a leaner, more efficient organization, leading to an outstanding investment result”, said Thiago Miskulin, Managing Director of H.I.G. Brazil and Latin America.
Founded in 1894 and headquartered in Várzea Paulista – São Paulo, Elekeiroz is a leading player in the Latin American specialty chemicals manufacturing market. Operating two production sites in Várzea Paulista and Camaçari – Bahia, the Company’s portfolio includes Oxo-Alcohols, Plasticizers, Phthalic & Maleic Anhydrides, Sulfuric Acid and other by-products. Elekeiroz has a diversified client base, including many of the largest global chemical companies, and the Company’s end markets include a number of very attractive industrial and consumer markets. For more information, please refer to the Company’s website at http://www.elekeiroz.com.br/.
About H.I.G. Capital
H.I.G. is a leading global alternative assets investment firm with $55 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
- H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.
Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.