HWI and Calderys to join forces, creating a global refractories provider with a comprehensive product portfolio and expanded reach
LOS ANGELES (February 20, 2023) – Platinum Equity announced today that the previously announced acquisition of HarbisonWalker International (HWI) by way of a merger agreement, has been completed. HWI is a supplier of refractory products and services in North America.
Financial terms were not disclosed.
In January, Platinum Equity announced the closing of the acquisition of Imerys SA’s High Temperature Solutions business, which is now operating under the Calderys brand going forward. HWI and Calderys will join forces into a global business with increased reach and scale.
“Despite a challenging M&A market, we are continuing to find attractive opportunities to put capital to work and provide divestiture solutions that deliver speed and certainty,” said Platinum Equity Partner Louis Samson. “HWI and Calderys are an excellent fit, with complementary footprints and product portfolios. Bringing them together will create exciting benefits for both businesses.”
“The HarbisonWalker brand is highly respected and vital to the long-term success of the combined company,” added Mr. Samson. “We will continue investing in its growth and expansion in the Americas.”
HarbisonWalker’s headquarters will remain in Pittsburgh as the headquarters of the combined company’s Americas region operations.
Michel Cornelissen, currently President and CEO of Calderys, will serve as the global CEO of the combined company effective immediately.
“We have a tremendous opportunity to bring together the best of both companies to create a high-growth, customer-centric refractories solutions provider with global scale,” said Mr. Cornelissen. “Our goal is to be the best partner for our customers anywhere in the world, to support them in their energy transition needs, and to set a new benchmark for the industry.”
Platinum Equity said it will seek additional opportunities to help the combined company grow.
“Joining forces will create additional scale and provide both businesses access to new technologies, increasing the value proposition for customers,” said Platinum Equity Managing Director Malik Vorderwuelbecke. “It will also create a global platform with new opportunities for growth, both organically and through additional acquisitions in key product areas and geographies.”
Kirkland & Ellis provided legal counsel to Platinum Equity on the acquisition of HWI and Willkie Farr provided financing counsel to Platinum Equity on the transaction.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity 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. 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.