An affiliate of US private equity group H.I.G. Capital has signed an agreement to acquire Brazilian chemical producer Elekeiroz from that company’s controlling shareholder, Itaúsa-Investimentos Itaú. H.I.G. Capital will initially acquire 96.5% of Elekeiroz’s shares and said it plans to acquire the remainder as soon as possible.

Elekeiroz is the sole manufacturer of oxo alcohols in Latin America and the largest producer of plasticizers in Brazil, also producing phthalic anhydride, maleic anhydride, sulfuric acid and other byproducts. The company operates two sites in Brazil, at Várzea Paulista and Camaҫari in Bahia.

Fernando Marques Oliveira, managing director and head of H.I.G. Latin America, said: “The management team has done a terrific job in building a leadership position across all its products, and H.I.G. will now support the company in its organic and inorganic growth plans as well as cost efficiency projects.”

Elekeiroz’s CEO, Marcos De Marchi, and the management team will remain with the company.

Separately, Vantage Specialty Chemicals Holdings, a portfolio company of H.I.G. Capital, has acquired B&B Tritech for an undisclosed sum. Located in Hialeah, Florida, USA, B&B makes surface treatment solutions for defense and commercial aviation markets, including paint removers and cleaners.

Richard McEvoy, Vantage’s CEO, said B&B is an excellent strategic fit with its Performance Materials division and offers complementary products for the growing aerospace segment.

B&B is the first bolt-on acquisition that Vantage has completed since it was acquired by H.I.G. in October 2017.