By Woodrow Polston
Platinum Equity has announced the signing of a definitive merger agreement to acquire Harbison-Walker International, a supplier of refractory products and services in North America. This would include the century old Vandalia site, as well as supply facilities in Mexico and Fulton. In the news release, there were no financial terms disclosed to the public. 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. “Harbison-Walker 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, 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.
According to their website, Platinum Equity was founded in 1995 by Tom Gores, and 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.