Bedminster, NJ / Montréal, QC (Sept. 6, 2018) – 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.