- Platinum Equity’s acquisition of HTS will expand its portfolio of European investments
- HTS is a provider of refractory solutions in the iron and steel, thermal and foundry markets
- It generated revenues of €801 million in 2021
Platinum Equity has entered exclusive negotiations with Imerys over Paris-based High Temperature Solutions (HTS) in a transaction valued at approximately €930 million.
HTS is a global provider of refractory solutions serving customers in the iron and steel, thermal and foundry markets. It generated revenues of €801 million in 2021 and employs approximately 2,800 people. Michael Cornelissen, an Imerys executive who has led HTS since 2018, will continue as CEO following the sale.
Platinum Equity is a Los Angeles-headquartered private equity firm that specialises in M&A. Since its founding in 1995 it has completed over 300 acquisitions across sectors. Platinum expects to accelerate HTS’s growth, both organically and through targeted M&A in key product areas and geographies. The acquisition of HTS will expand its portfolio of European investments.
“We have great respect for the Imerys team, which has been an excellent steward of the HTS business for many years,” said Platinum Equity partner Louis Samson. “We appreciate their confidence in our ability to deliver a transaction that is opportune for everyone involved. Platinum’s carveout expertise and ability to manage through complex situations once again differentiated us. We are excited to add HTS to our growing pan-European portfolio and to support its new chapter of growth. We have had a lot of success as a transaction partner in Europe and are committed to continuing to invest the region.”
Platinum’s European investments include European holiday rentals group Awaze, based in London, biscuit manufacturer Biscuit International, based in Paris, and Italian wine producer Fantini Group Vini, based in Ortona.
“We have a lot of experience investing in industrials businesses and the materials sector in particular,” said Platinum Equity managing director Malik Vorderwuelbecke. “The high-temperature solutions industry is highly fragmented and HTS is a scalable platform with meaningful opportunities to grow. We expect to leverage the company’s strong foundation and impressive technical capabilities to accelerate its growth, both organically and through targeted M&A investments in key product areas and geographies. We look forward to working with the company’s leadership team and supporting its long-term growth plans.”
Paris-headquartered Imerys is a multinational company specialising in the production and processing of industrial minerals.