CPE Media News – pcJournal (9/6/2018) – Swander Pace Capital (SPC) has completed the sale of Montreal based Recochem Inc., a global formulator and marketer of aftermarket transportation and household fluids, to an affiliate of H.I.G. Capital, LLC. Financial terms were not disclosed.
Recochem was founded in 1951 by Joseph Kuchar and operates facilities in Canada, Belgium, Australia, China, and India. Swander Pace Capital acquired the company in partnership with the company’s founding family and senior management in 2014.
Richard Boudreaux, President and CEO of Recochem, will continue to lead the company.
Stikeman Elliott LLP acted as legal counsel to Recochem and Swander Pace Capital on the transaction.
photo credit: Recochem Inc.
News Release
Swander Pace Capital Completes Sale of Recochem, Inc.
Business Wire
September 6, 2018 7:00 AM EDT
BEDMINSTER, N.J. & MONTRÉAL — Swander Pace Capital announced today that it completed the sale of Montreal-based Recochem, Inc. (“Recochem” or the “Company”), a global formulator and marketer of aftermarket transportation and household fluids, to an affiliate of H.I.G. Capital, LLC (“H.I.G.”).
Recochem was founded in 1951 by Mr. Joseph Kuchar and operates facilities in Canada, Belgium, Australia, China, and India. The Company generates net sales of approximately C$500 million annually, offering a product portfolio that spans branded, private label, and bulk offerings and includes coolant, windshield wash fluid, diesel exhaust fluid and a broad range of household fluids, and industrial chemicals.
Swander Pace Capital partnered with the Company’s founding family and senior management in 2014 to build on Recochem’s strong culture, leading market positions, global infrastructure, and existing momentum around the globe. Over the past four years, Recochem has further invested in its infrastructure and new technology, increased its focus on core products and services, and implemented numerous operational efficiency projects.
“Swander Pace Capital has been an exceptional partner and brought tangible resources to the table to help us accelerate our Company’s growth and better leverage our core competencies and infrastructure globally,” said Richard Boudreaux, President and CEO of Recochem. “We sought a partner in 2014 who would embrace our culture and traditions, yet help us evolve as an organization to remain competitive in a dynamic marketplace. Swander Pace Capital excelled in this regard. We continue to believe the Company has a very bright future and look forward to partnering with H.I.G.”
“It has been a genuine pleasure partnering with management and the Kuchar family to help Recochem reach its full potential,” said Rob DesMarais, managing director at Swander Pace Capital. “Throughout the Company’s proud 67-year history, Recochem has demonstrated, time and again, its ability to manage significant growth while delivering consistent products and superior customer service to its customers. We value our active participation in this chapter of Recochem’s history and look forward to the Company’s continued success with its new financial partner.”
Sawaya Partners, LLC served as exclusive financial advisor to Recochem and Swander Pace Capital, and Stikeman Elliott LLP acted as legal counsel to Recochem and Swander Pace Capital on the transaction.
About Swander Pace
Swander Pace Capital (“SPC”) is a private equity firm that invests in companies that are integral to consumers’ lives. SPC’s consumer industry expertise informs the firm’s strategic approach and adds value through access to its proven SPC Playbook, senior team, and extensive network. The firm partners with management teams to help build companies to their full potential. SPC invests in businesses across three domains of consumer lifestyles: Food & Beverage, Body & Wellness, and Home & Family. With offices in San Francisco, New Jersey and Toronto, SPC has invested in more than 45 companies and raised cumulative equity commitments of approximately $1.8 billion since 1996. For more information, visit www.spcap.com.
About Recochem
Founded in 1951 in Montreal, Recochem has grown into a leading manufacturer and marketer of branded, private label, and bulk transportation and household fluids for consumers and industrial customers worldwide. The Company operates a global platform, with a network across Canada, Europe, Australia, China, India and the Asia Pacific region. Recochem’s strong reputation in the markets it serves has earned the Company vendor appreciation awards from its customers and long-standing relationships with its suppliers and partners around the world. With innovation and agility built into its DNA, Recochem is poised to continue its expansion into global markets while maintaining its core values of exceptional customer service, consistent product quality, and environmental stewardship. For more information, visit www.recochem.com.
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Contacts
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Sean Mogle, 212-593-5801
sean.mogle@finnpartners.com