December 14, 2022
Platinum Equity to Acquire HarbisonWalker International
- Share
HWI to join forces with Imerys SA’s High Temperature Solutions business, creating a global refractories provider with a comprehensive product portfolio and expanded reach
LOS ANGELES (December 14, 2022) – Platinum Equity announced today the signing of a definitive merger agreement to acquire HarbisonWalker International (HWI), a supplier of refractory products and services in North America.
Financial terms were not disclosed. The transaction is expected to be completed in the first half of 2023, subject to customary closing conditions and regulatory approval.
“We are pleased to provide a divestiture solution that delivers speed and certainty in a challenging M&A market,” said Platinum Equity partner Louis Samson. “HarbisonWalker has built an impressive organization and we have deep respect for the company’s legacy, culture and commitment to serving its customers. We are excited to continue investing in its growth.”
In July, Platinum Equity announced plans to acquire Imerys SA’s High Temperature Solutions business (HTS), a provider of refractory solutions serving more than 6,000 customers primarily in Europe and Asia, in a transaction that is expected to close by the end of the year.
Once both acquisitions have been completed, HWI and HTS will combine into a global business with increased reach and scale.
“We are pleased to provide a divestiture solution that delivers speed and certainty in a challenging M&A market. HarbisonWalker has built an impressive organization and we have deep respect for the company’s legacy, culture and commitment to serving its customers. We are excited to continue investing in its growth.”
“HWI’s presence in North America complements HTS’s business in Europe and Asia,” added Mr. Samson. “Their product portfolios are also highly complementary and will create a comprehensive, well-rounded offering of brick and powder-based refractories for a global customer base. We expect the combination to immediately open up new avenues for growth on both sides.”
Platinum Equity said it will seek additional opportunities to help the combined company grow both organically and through additional acquisitions in key product areas and geographies.
“The refractories industry is highly fragmented and this combination will create a global platform with meaningful opportunities to further expand,” said Platinum Equity Managing Director Malik Vorderwuelbecke. “We are excited about the prospects in this space and look forward to putting our M&A and operational resources to work.”
Kirkland & Ellis is providing legal counsel to Platinum Equity on the acquisition of HWI.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $36 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. 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. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 27 years Platinum Equity has completed more than 350 acquisitions.
Media Contacts
Jennifer Faines, HarbisonWalker International
(412) 559-2860
jfaines@thinkhwi.com
