Private equity investor HIG Capital has bought into gypsum and plaster product provider Harrison Gypsum through a debt recapitalisation deal.
The 57-year-old company has 10 US-based mines producing gypsum for building products, energy, infrastructure, agriculture and pharmaceuticals.
Keval Patel, Principal of H.I.G., said, “We are very pleased to be partnering with (CEO) Russ Harrison and the Harrison Gypsum management team.
“Russ and team have built HG into a diversified, market leader of high quality, customized gypsum and plaster products.
“We look forward to helping Harrison Gypsum continue to grow and enhance its product offering and service capabilities.”
The move is HIG’s only current foray into the mining sector according to its website. Mining is generally avoided by private equity firms as the timescale for making a return on investments is too long for the average fund.
HIG is currently believed to be targeting $1bn for its fifth buyout fund, a third larger than the $750m vehicle it launched in 2007.
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