H.I.G. Capital Affiliate Acquires Covestro's European Polyurethane Systems Business (Plixxent)
January 17, 2019
An affiliate of H.I.G. Capital has signed a definitive agreement to acquire Covestro AG's European Polyurethane Systems business in a carve-out transaction, with closing expected in the second half of 2019 pending regulatory clearance. The business — operating four systems houses across Germany, Denmark, the Netherlands and Spain and employing ~250 people with ~€230m sales — will be run independently (to operate as Plixxent) and used as a platform for pan‑European expansion and add-on acquisitions.
- Buyers
- H.I.G. Capital (affiliate / H.I.G. Europe)
- Targets
- European Polyurethane Systems Business (to be operated as Plixxent)
- Sellers
- Covestro AG
- Industry
- Manufacturing
- Location
- Hamburg, Germany
- Transaction Type
- Divestiture
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