The Floridant - H.I.G. Capital Signs Definitive Agreement to Acquire Terra Millennium

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MIAMI--(BUSINESS WIRE)--H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with over $49 billion of equity capital under management, is pleased to announce that one of its affiliates has signed a definitive agreement to acquire Terra Millennium Corporation ("Terra Millennium" or the "Company"), a leading national provider of outsourced industrial maintenance services, including refractory maintenance and other specialized services, from Court Square Capital Partners. 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.

Founded in 1906 and headquartered in Salt Lake City, UT, Terra Millennium provides mission-critical industrial services, including refractory design and maintenance, mechanical services, fireproofing, coatings, insulation, and scaffolding. The Company services a diverse blue-chip customer base across a broad range of industrial end markets, including cement, steel, renewables, chemicals, mining, pulp & paper, and refining. Terra Millennium 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 Mark Stutzman, Executive Chairman of Terra Millennium.

Bryan Young, CEO of Terra Millennium, added "We are well-positioned to continue providing great safety, outstanding quality, and compelling value to each of our customers. In partnership with H.I.G., 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."

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"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."

The transaction is expected to close in Q2 2022 and is subject to customary closing conditions.

Macquarie Capital and Stifel acted as financial advisors and provided committed financing, and McDermott Will & Emery LLP provided legal advice, to H.I.G. Capital. Harris Williams and Evercore acted as financial advisors, and Dechert LLP acted as legal counsel, to the Company on the transaction.

About Terra Millennium

Terra Millennium Corporation ("Terra Millennium" or the "Company") is a leading provider of outsourced industrial maintenance services, including refractory design and maintenance, fireproofing, insulation, coatings, scaffolding and mechanical services. Founded in 1906 and headquartered in Salt Lake City, Utah, Terra Millennium is the parent company to seven entities (i) JTTHORPE, (ii) JTTHORPE International, (iii) K&G Industrial, (iv) Southern Refractories, Inc., (v) Brahma Group, (vi) Liberty Industrial Group, and (vii) Rocky Mountain Industrial Construction Services. Terra Millennium operates from a network of 33 offices across the United States.

About H.I.G. Capital

H.I.G. is a leading global alternative assets investment firm with over $49 billion of equity capital under management.* Based in Miami, and with 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, utilizing a flexible and operationally focused/ value-added approach:

H.I.G.'s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
H.I.G.'s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
H.I.G.'s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. 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. For more information, please refer to the H.I.G. website at www.higcapital.com.

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* Based on total capital commitments managed by H.I.G. Capital and affiliates.

Contacts

Matt Gullen
Managing Director
mgullen@higcapital.com

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