21st December 2021

Pemberton to provide re-financing to support H.I.G. Capital’s Portfolio Company Plixxent


Overview

Pemberton, a leading European private debt manager transforming traditional credit markets, backed by one of Europe’s largest insurers, Legal & General Group PLC, will provide a re-financing to support the growth trajectory of H.I.G. Capital’s (“H.I.G.”) portfolio company PLIXXENT Holding GmbH (“PLIXXENT” or “Company”). The transaction will further strengthen PLIXXENT’s pan-European expansion strategy in a fragmented market. H.I.G., a leading global alternative investment firm and majority-owner of the Company, supports PLIXXENT in further growing its position as a leading independent and innovative polyurethane (PUR) systems business in Europe.

PLIXXENT was formed in a carve-out transaction from listed Covestro AG 2019. Following two acquisitions, PLIXXENT operates six production sites in Germany, the Netherlands, Denmark, UK, Italy and Spain and supports its diverse and international customer base in specification, design, development, logistics and aftersales support. Its polyurethane systems are used in both flexible and rigid foam applications across a variety of industries including energy, insulation, footwear, appliances, construction, furniture and transportation.

PLIXXENT as a leading independent PUR systems house, provides critical value-add to its customers through tailor-made formulations and operates a rather asset-light business model as a blender, all of which are attractive attributes from a lender’s perspective. The fragmented PUR system house market will provide further opportunities for PLIXXENT to act as a consolidator and we look forward to supporting that strategy.

 

– Jürgen Breuer, Head of DACH at Pemberton

Following the successful carve-out from Covestro AG 2019, the acquisitions of MRi Polytech and Tagos earlier this year have further extended PLIXXENT’s market and product reach. Pemberton has already backed numerous H.I.G. investments and we look forward to partnering again, aiming to continue supporting PLIXXENT’s growth strategy with a well-filled innovation pipeline and further M&A opportunities.

 

– Dr. Holger Kleingarn, Managing Director and Head of DACH at H.I.G. Capital

About the author

Jürgen Breuer

Partner, Head of DACH