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Petroferm Inc. has been acquired by H.I.G. Chemicals Holdings, Corp., a subsidiary of H.I.G. Capital LLC. Petroferm, including the Lambent Technologies division, is a privately held specialty chemical manufacturer and formulator. H.I.G. acquired Uniqema Americas in early 2008 from Croda International PLC.
H.I.G., a global private equity firm focused on middle-market companies, is acquiring Petroferm including the company’s operations in Gurnee, Ill., USA and Fernandina Beach, Fla., USA. The Joseph Storey (UK) division will be spun off to Petroferm shareholders.
According to H.I.G., the Petroferm chemical business is an excellent complement to its industry-leading North American oleochemical business, Uniqema Americas. 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 US$300 million. Terms of this transaction have not been being disclosed.