H.I.G. to acquire industrial maintenance services provider Terra Millennium
H.I.G. Capital said that one of its affiliates has agreed to acquire Terra Millennium, a US-based provider of outsourced industrial maintenance services, from Court Square Capital Partners.
The financial terms of the deal were not disclosed.
Established in 1906, the Salt Lake City-based Terra Millennium is engaged in providing mission-critical industrial services. These include mechanical services, refractory design and maintenance, coatings, fireproofing, scaffolding, and insulation.
Matt Gullen — Managing Director at H.I.G. Capital said: “We are very excited to partner with Bryan, Mark, and the Terra Millennium team.
“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.”
Terra Millennium is said to cater to a blue-chip customer base across a variety of industrial end markets that include cement, renewables, steel, mining, chemicals, pulp and paper, and refining.
The industrial maintenance services provider has a network of 33 offices across the US.
Bryan Young — Terra Millennium CEO said: “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.”
The deal, which is subject to customary closing conditions, is likely to close in the second quarter of this year.