Harvest flips US Silica in one month(3)

Harvest Partners has agreed to sell US Silica to distressed specialist Harginger Capital Partners, just one month after acquiring the silica sand producer.

Harvest Partners has agreed to sell US Silica Company to distressed specialist Harbinger Capital Partners, just one month after having purchased the US' second largest producer of industrial silica sand. Financial terms were not disclosed.

“Based on our original investment thesis in acquiring US Silica and Harvest's and management's goals for the business, the Harbinger transaction is a win for all parties involved,” said Harvest principal Michael Cardito in a statement.

Industrial chemicals are an increasingly popular space. European mid-market firm HgCapital today acquired Mondo Minerals, a talc mining group. In July, CVC Capital Partners bought alkylamine producer Taminco from AlpInvest Partners for €800 million ($1.1 billion).

Harvest Partners, headquartered in New York, just closed its fifth, middle-market focussed fund on $815 million in July. The firm completed an ownership transition last year: senior managing directors Thomas Arenz, Stephen Eisenstein and Ira Kleinman took the helm in the wake of the founders' departure.

Harbinger is the distressed/special situations arm of Harbert Management Corporation, an investment management firm with $15.7 billion in assets under management.