CCMP Capital Advisors has acquired Solvay‘s Eco Services business unit in a transaction valued at $890 million. Eco Services recycles spent sulfuric acid for continuous supply to the oil refining industry and manufactures high quality virgin acid products for broad industrial applications including mining, water treatment and other chemical processes.
CCMP Capital Advisors, LLC today announced it has entered into a definitive agreement with Solvay (Euronext: SOLB), an international chemical group, to acquire its Eco Services business unit in a transaction valued at $890 million.
Eco Services is the recognized leader in U.S. sulfuric acid, the largest chemical product used in the United States by volume and a fundamental input to a range of industries. Eco Services recycles spent sulfuric acid for continuous supply to the oil refining industry and manufactures high quality virgin acid products for broad industrial applications including mining, water treatment and other chemical processes. With a platform of six large-scale manufacturing plants and more than 500 employees, Eco Services supplies most of the largest refineries in the U.S. West Coast, Midwest, the Gulf of Mexico and Canada. Eco Services is headquartered in Cranbury, NJ.
“Eco Services is an exceptional business with long-standing customer relationships and leading market positions in stable, growing end markets driven by refining trends and planned investments in chemicals production in the United States,” said Tim Walsh, a Managing Director of CCMP who leads the firm’s industrial investment activities. “We look forward to applying our deep investment and operating experience with inorganic chemicals companies and corporate carve-outs to support Eco Services’ long term success.”
The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2014. Weil, Gotshal & Manges LLP advised CCMP on the transaction.
About CCMP Capital
CCMP Capital Advisors, LLC (“CCMP”) specializes in middle market buyouts and growth equity investments of $100 million to $500 million in North America and Europe. CCMP focuses on generating alpha through the operational transformation of its portfolio companies. With offices in New York, Houston and London, CCMP invests in four primary industries: Consumer/Retail, Industrial, Energy and Healthcare. Selected investments under management include: Aramark Corporation, Chaparral Energy, Edwards, Generac, The Hillman Group, Infogroup, Jamieson Laboratories, Jetro Cash & Carry, LHP Hospital Group, Milacron, Newark Energy, Ollie’s Bargain Outlet and Pure Gym.