Adams Street backs Permira’s buyout of Jayhawk

Adams Street Partners has provided a credit facility to Permira to back its acquisition of Galena, Kansas-based Jayhawk Fine Chemicals, a custom manufacturer of specialty chemicals. No financial terms were disclosed. Adams Street was the sole lead arranger and administrative agent for the transaction.

PRESS RELEASE

New York – December 7, 2018 – Adams Street Partners, a private markets investment management firm with $35 billion of assets under management, announced today that it provided a senior secured term loan and a revolving credit facility to Permira, the global private equity firm, for its acquisition of Jayhawk Fine Chemicals (“Jayhawk”). Adams Street served as sole lead arranger and administrative agent for the transaction.

Jayhawk, based in Galena, Kansas, is one of the leading fine chemicals companies in the US. The company is a custom manufacturer of specialty chemicals used in various end markets, including pharmaceutical, animal health, agriculture, and consumer electronics. It provides outsourced manufacturing solutions to its customers and is also the sole global provider of its flagship product, BTDA, a highly engineered chemical used in applications that require product resistance to high temperature, pressure, and corrosive environments.

“As a long-term financing partner, we are pleased to support Permira in its acquisition of Jayhawk Fine Chemicals,” said Bill Sacher, Partner and Head of Private Credit at Adams Street Partners. “It was a pleasure to work closely with the Permira team on this transaction, and have conviction in their vision for Jayhawk’s business growth and geographic expansion.”

The credit facility marks the third financing solution the Adams Street Private Credit Team has arranged for Permira. In September, Adams Street provided financing to Permira’s portfolio company, Mutant, to support its R&D and accretive M&A strategy. In addition, the team closed on the acquisition of Lyophilization Services of New England, Inc. (“LSNE”) in March 2017.

“We greatly appreciate the continued support from Adams Street’s Private Credit Team,” said Simon Roggentin, a member of the Permira Financing Group. “We are delighted to have a close relationship with a responsive and reliable lending partner with the proven capability to create truly customized and comprehensive financing solutions, not only for our acquisition of Jayhawk, but for previous transactions as well.”

Adams Street’s Private Credit Team specializes in delivering customized financing solutions to private equity-backed middle-market companies. The team has actively provided nearly $390 million of financing since inception, encompassing 17 customized solutions.

About Adams Street Partners
Adams Street Partners is one of the largest and most established private markets investment management firms in the world. Adams Street commenced its investment program in 1972, and today manages $35 billion of assets across five strategies – primary and secondary private fund investments, co-investments, private credit investments, and direct growth equity investments. Adams Street employs more than 180 people in Chicago, London, Menlo Park, Munich, New York, Singapore, Beijing, Boston, Tokyo, and Seoul.

This press release is for informational purposes only and should not be construed as investment advice or an offer, or solicitation of an offer, to buy or sell securities either generally or in any jurisdiction where the offer or sale is not permitted. This press release contains certain statements that may include “forward-looking statements” within the meaning of the federal securities laws. All statements, other than statements of historical fact, included herein are “forward-looking statements.” The forward-looking statements are based on Adams Street Partners’ beliefs, assumptions and expectations of future performance, taking into account all information currently available to Adams Street Partners, and can change as a result of many possible events or factors, not all of which are known to Adams Street Partners or are within its control.

About Permira
Permira is a global investment firm. Founded in 1985, the firm advises funds with a total committed capital of approximately €32 billion and makes long-term investments in companies with the objective of transforming their performance and driving sustainable growth. The Permira funds have made over 200 private equity investments in five key sectors: Industrials, Consumer, Technology, Healthcare and Financial Services. Permira employs over 240 people in 14 offices across Europe, North America and Asia. The Permira funds have a long track record of successfully investing in industrial companies around the world and have invested over €4.6 billion in more than 20 companies.