Miami-based H.I.G. Capital, a global alternative investment firm, has agreed to acquire Terra Millennium Corp. of Salt Lake City from Court Square Capital Partners. Founded in 1906, Terra Millennium provides industrial services, including refractory design and maintenance, mechanical services, fireproofing, coatings, insulation and scaffolding. Terms of the transaction were not disclosed.{mprestriction ids="1,3"}
Terra Millennium’s executive team, led by CEO Bryan Young, will continue to lead the company and remain as significant shareholders. Executive Chairman Mark Stutzman will continue as a non-executive board member and significant shareholder.
Terra Millennium services a diverse blue-chip customer base across a broad range of industrial end markets, including cement, steel, renewables, chemicals, mining, pulp and paper and refining. It operates from a network of 33 offices across the country.
“I am proud of Terra Millennium’s success to date. The investment by H.I.G. is recognition of all that the team has accomplished and we are excited to partner with H.I.G. to support our next phase of growth,” said Stutzman.
“We are well-positioned to continue providing great safety, outstanding quality and compelling value to each of our customers,” said Young. “Terra Millennium will be equipped to continue executing on our growth plans and vision for the company, including deepening our presence in attractive geographies, expanding our service offering and pursuing add-on acquisitions, while maintaining the strong culture that we have developed over the past century.”
“We are very excited to partner with Bryan, Mark and the Terra Millennium team,” said Matt Gullen, managing director at H.I.G. Capital. “There are tremendous opportunities ahead for the company, given its long track record of providing high-quality, reliable service which is enabled by its highly skilled, national workforce and best-in-class leadership team. The company has established itself as a leader in the industry and we look forward to working with Terra Millennium to build upon their success and support continued growth initiatives.”
In addition to its Miami headquarters, H.I.G. Capital has offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo. H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies. Since its founding in 1993, it 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 $30 billion.{/mprestriction}
