Covestro sells systems houses
Covestro successfully closed the sale of its European Systems Houses business to HIG Capital effective as of November 1, 2019. The sales proceeds amount to a high-double-digit euro million sum. The business comprises facilities in the Netherlands, Denmark, Spain, Germany and further businesses in Italy. Approximately 250 employees are generating annual sales of some 230 million euros. The sale of the systems houses is part of Covestro’s ongoing efforts to optimize its portfolio.
The systems houses are offering tailor-made polyurethanes systems for customers. With its new owner HIG Capital, the European Systems Houses now have the perspective to position themselves as an independent, focused player for mid-sized customers. The newly formed business will trade under the name Plixxent.
HIG is a leading global private equity and alternative assets investment firm with over 26 billion euros 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 US, as well as in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, HIG specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach. Since its founding in 1993, HIG has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of 28 billion euros.
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