- HTS will now operate under the Calderys brand
- Platinum has announced plans to buy HWI, which is likely to close in the first half of 2023
- Platinum had entered negotiations for HTS back in July
Platinum Equity has closed the acquisition of Imerys’s High Temperature Solutions (HTS) business at around a €930 million transaction value.
Paris-based HTS is a global provider of refractory products for iron and steel, thermal and foundry markets. The business recorded revenues of €981 million in 2022.
The company will now operate under the Calderys brand.
Platinum had entered negotiations with Imerys over HTS in July.
Platinum announced plans to buy HarbisonWalker International (HWI), a supplier of refractory products and services in North America, in December. This transaction is likely to close in the first half of 2023.
Post the closing of the HWI acquisition, Calderys and HWI will combine into a global business with increased reach and scale, the release said.
“In spite of a challenging M&A market, we are continuing to find attractive opportunities to put capital to work and provide divestiture solutions that deliver speed and certainty,” said Platinum Equity partner Louis Samson. “Calderys and HWI will be a great fit together, with complementary footprints and product portfolios.”
Platinum will continue to look for opportunities to assist the combined Calderys-HWI business grow both organically and through additional acquisitions in key product areas and geographies, according to the release.
“The refractories market is highly fragmented, and the integrated business will provide a scalable platform with meaningful opportunities to grow,” said Platinum Equity managing director Malik Vorderwuelbecke.
Further, the Calderys-HWI merger will accelerate the expansion of Platinum’s growing portfolio of European investments.
The financial advisor to Platinum in the deal was National Bank Financial, while Kirkland & Ellis and Willkie Farr & Gallagher provided legal counsel.
Imerys, based in Paris, France, is a multinational company specialising in the production and processing of industrial minerals.
Platinum Equity, headquartered in Beverly Hills, California, is a global investment firm managing around $36 billion of assets and a portfolio of approximately 50 operating companies.
The firm is currently investing from Platinum Equity Capital Partners V, a $10 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. It has completed over 350 acquisitions.