H.I.G. Capital, a global alternative investment firm with more than $49 billion of equity capital under management, signed a definitive agreement to acquire Terra Millennium, a national provider of outsourced industrial maintenance services, including refractory maintenance and other specialized services, from Court Square Capital Partners. Terra Millennium’s executive team, led by Bryan Young, CEO, will continue to lead the company, and remain as significant shareholders. Mark Stutzman, executive chairman of Terra Millennium, will continue as a non-executive board member and significant shareholder.
Founded in 1906 and headquartered in Salt Lake City, UT, Terra Millennium provides mission-critical industrial services, including refractory design and maintenance, mechanical services, fireproofing, coatings, insulation and scaffolding. The company services a diverse blue-chip customer base across a broad range of industrial end markets, including cement, steel, renewables, chemicals, mining, pulp and paper and refining. Terra Millennium operates from a network of 33 offices across the country.
“I am proud of Terra Millennium’s success to date. The investment by H.I.G. is recognition of all that the team has accomplished, and we are excited to partner with H.I.G. to support our next phase of growth,” Stutzman said.
“We are well-positioned to continue providing great safety, outstanding quality, and compelling value to each of our customers,” Bryan Young, CEO of Terra Millennium, said. “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.”
“We are very excited to partner with Bryan, Mark and the Terra Millennium team,” Matt Gullen, managing director at H.I.G. Capital, said. “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.”
The transaction is expected to close in Q2 2022 and is subject to customary closing conditions.
Macquarie Capital and Stifel acted as financial advisors and provided committed financing, and McDermott Will & Emery provided legal advice to H.I.G. Capital. Harris Williams and Evercore acted as financial advisors and Dechert acted as legal counsel to the company on the transaction.