H.I.G. Capital, through a subsidiary, acquired a majority stake in Virutex Ilko.
H.I.G. Capital is a leading global alternative investment firm with over $49 billion of equity capital under management, with a focus on the small cap and mid cap segments of the market.
Virutex Ilko is a leading company in the Latin American markets of cleaning products and kitchenware industries, with presence in Peru, Chile, Colombia, Argentina and Mexico. It was founded more than 75 years ago and has production plants in Chile, Colombia and Peru.
The founding shareholders, with a minority stake, will remain as strategic allies of H.I.G.
The transaction was particularly complex due to the volume of operations, the number of products offered by Virutex Ilko and the number of jurisdictions involved.
The transaction closed on June 2, 2022, and the price agreed upon by the parties has been kept confidential.
Rebaza, Alcazar & De Las Casas advised H.I.G. on the aspects of the transaction that were subject to Peruvian law, including conducting a due diligence on Ilko Peru, a Peruvian subsidiary of Virutex Ilko, which operates an industrial plant in Huachipa, Lima.