PLATINUM EQUITY COMPLETES ACQUISITION OF HIGH TEMPERATURE SOLUTIONS BUSINESS FROM IMERYS FOR €930 MILLION

The company, which will operate under the Calderys brand going forward, is a leading global provider for industries operating in high temperature conditions and serves more than 6,000 customers in the iron and steel, thermal and foundry markets. The business generated revenues of €981 million in 2022 and has 36 industrial sites in 16 countries.

In December, Platinum Equity announced plans to acquire HarbisonWalker International (HWI), a supplier of refractory products and services in North America. That transaction is expected to close during the first half of 2023.

Once the HWI acquisition has been completed, Calderys and HWI will combine into a global business with increased reach and scale.

"In spite of 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. "Calderys and HWI will be a great fit together, with complementary footprints and product portfolios. We expect the combination to create exciting growth opportunities for both businesses."

"This is a key milestone in our history," said Michel Cornelissen, President and CEO of Calderys. "As a standalone company, we expect to be even more agile, improving our ability to deliver solutions that help our customers meet the demands of tomorrow, especially in terms of energy transition."

Calderys products are used in thermal applications that serve general industrial, construction, and automotive end markets, which are all sectors in which Platinum Equity has made significant investments.

Platinum Equity has also owned several companies in the materials space, including steel processors Ryerson and PNA Group, and Kymera, which produces a variety of specialty materials, powders, pastes and granules used in a wide range of metallurgical, chemical and industrial processes.

Platinum Equity said it will continue to seek more opportunities to help the combined Calderys-HWI business grow both organically and through additional acquisitions in key product areas and geographies.

"The refractories market is highly fragmented and the integrated business will provide a scalable platform with meaningful opportunities to grow," said Platinum Equity Managing Director Malik Vorderwuelbecke. "We are excited about the prospects in this space and look forward to putting our M&A and operational resources to work."

The Calderys-HWI business will further expand Platinum Equity's growing portfolio of European investments.

"We have had a lot of success as a transaction partner in Europe and are committed to continuing to invest in the region," added Mr. Samson.

National Bank Financial Inc. served as financial advisor to Platinum Equity on the Calderys acquisition. Kirkland & Ellis LLP and Willkie Farr & Gallagher LLP provided legal counsel to Platinum Equity on the transaction.