HIG carves out polyurethane systems business from Covestro

HIG plans to develop the business unit into a leading independent polyurethane systems business in Europe, and to further expand its pan-European footprint organically and through add-on acquisitions.

The GP deployed capital from HIG European Capital Partners II, which held a final close on €825m in 2013 after just three months on the road, exceeding its target of around €760m.

Company 
Covestro's European polyurethane systems business operates four facilities located in Germany, Denmark, the Netherlands and Spain. It employs approximately 250 staff and generates revenues of approximately €230m. The business develops and formulates tailor-made ready-to-use chemical blends for the production of a wide range of polyurethane products such as insulation materials, foams, shoe soles and building materials.

People
European polyurethane systems business – Jörg Schottek (CEO). 
HIG Capital – Johannes Natterer, Holger Kleingarn (managing directors).

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