HIG Announces Sale of USALCO

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MIAMI – HIG Capital (“HIG”), a leading global alternative investment firm with $64 billion in capital under management, is pleased to announce the sale of its portfolio company USALCO (“USALCO” or the “Company”) to a fund managed by TJC (formerly known as The Jordan Company ). HIG will remain a minority investor in the Company.

USALCO is a leading provider of water treatment solutions to municipal and commercial customers in North America, offering specially formulated chemistries with best-in-class product efficacy. The Company’s unique digital dosing and filtration cleaning services address a wide range of water treatment requirements. Headquartered in Baltimore, MD, USALCO operates 33 manufacturing and distribution facilities throughout North America. The company has a leading market position in every market it serves, has the lowest cost position in the industry, and provides high quality and service to its customers.

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USALCO was acquired by HIG in June 2020 in partnership with the Company’s family owners. During his tenure, HIG supported the Company in building a best-in-class management organization, executing transformative and highly accretive M&A, investing significant capital to expand USALCO’s specialized production capabilities and geographic reach, implementing extensive operational initiatives, and strategic roadmap mapping. for USALCO’s transformation into a differentiated water treatment solutions provider, at scale.

Kenneth Gayer, Chief Executive Officer at USALCO, commented: “HIG has been an outstanding partner for USALCO and has been instrumental in helping us transform USALCO into the market leader we are today. HIG is supporting a significant investment in USALCO, which strengthens our ability to provide solutions and levels of service This management team is just getting started and could not be more enthusiastic about our new partnership with TJC as we embark on our next phase of growth.

“Ken and the USALCO management team have done an outstanding job of transforming USALCO from a regional water treatment player to a differentiated water treatment solutions provider with an attractive growth path that will take the business to the next level,” said Keval Patel, Managing Director at HIG Capital. “USALCO is an outstanding company led by an outstanding leadership team and we look forward to participating in the Company’s continued success.”

BofA Securities, Inc. and Citigroup Global Markets Inc. is financial advisor to USALCO, and King & Spalding LLP is representing HIG Capital and USALCO as legal counsel in connection with the transaction.

About USALCO

Headquartered in Baltimore, MD, USALCO is a leading provider of water treatment solutions to municipal and commercial customers in North America, offering specially formulated chemistries with superior product efficacy as well as unique dosing cleaning and digital filtration services to address a wide range of water treatment needs. requirements. USALCO operates 33 manufacturing and distribution facilities throughout North America. The company has a leading market position in every market it serves, has the lowest cost position in the industry, and provides high quality and service to its customers. For more information, visit usalco.com.

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About HIG Capital

HIG is a leading global alternative investment firm with $64 billion in capital under management.* Based in Miami, with offices in Atlanta, Boston, Chicago, Los Angeles, New York, and San Francisco in the United States, as well as international affiliates with offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, and Dubai, HIG specializes in providing debt and equity capital to medium-sized companies, using a flexible and operational focus/value. Additional approaches:

• The HIG equity fund invests in management buyouts, recapitalizations, and corporate carve-outs from both profitable and underperforming manufacturing and service businesses.
• The HIG debt fund invests in senior, unitranche, and junior debt financing to companies across the size spectrum, on a primary (direct origin) basis, as well as in the secondary market. HIG also manages the publicly traded BDC, WhiteHorse Finance.
• The HIG real estate fund invests in value-added properties, which can benefit from better asset management practices.
• Infrastructure HIG focuses on creating added value and core plus investment in the infrastructure sector.

Since its establishment in 1993, HIG has invested in and managed more than 400 companies worldwide. The company’s portfolio currently includes more than 100 companies with combined sales of more than $53 billion. For more information, visit the HIG website at hig.com.

* Based on the total capital raised by HIG Capital and its affiliates.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20240805276350/en/

Ignition

Keval Patel
Chief Director
kpatel@hig.com

HIG capital
1450 Brickell Avenue
31^St the floor
Miami, FL 33131
Ph 305.379.2322
hig.com

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