In a statement, Platinum Equity said the acquisition and the planned merger with the high-temperature solutions business of France-based Imersys SA will drive growth, creating an entity with increased reach and scale. 

“HWI’s presence in North America complements HTS’s business in Europe and Asia,” said Platinum Equity partner Louis Samson. “Their product portfolios are also highly complementary and will create a comprehensive, well-rounded offering of brick and powder-based refractories for a global customer base. We expect the combination to immediately open up new avenues for growth on both sides.”

Terms of the sale were not disclosed. The firm said it will seek additional opportunities for the combined company to grow organically and through additional acquisitions in key product areas and geographies.

“The refractories industry is highly fragmented and this combination will create a global platform with meaningful opportunities to further expand,” said Platinum Equity managing director Malik Vorderwuelbecke. “We are excited about the prospects in this space and look forward to putting our M&A and operational resources to work.”

Privately owned HarbisonWalker said talks with potential buyers began earlier this year, with several recognizing it as a best-in-class North American refractory solutions provider. It said the acquisition is ultimately good news for its employees, customers and communities.

"Platinum Equity supports our intent to continue driving HWI forward into an unprecedented new era of growth," said HWI chairman and chief executive Carol Jackson.

“Over the past several years in North America and throughout our global operations, we’ve built operational excellence, differentiated ourselves through our supply reliability, and delivered the deepest and widest offerings of refractory products and expertise. Our new owner is wholly aligned with our leadership team’s vision to aggressively accelerate investments in our business,” she said.