Cerberus Capital and Koch have closed its previously announced buyout of Ecovyst’s performance chemicals business. No financial terms were disclosed. Jefferies served as financial advisor to Cerberus and Koch on the deal while Kirkland & Ellis served as legal advisor. Jones Day served as legal advisor to Koch.
NEW YORK & WICHITA, Kan. & MALVERN, Pa.–(BUSINESS WIRE)–Cerberus Capital Management, (together with its affiliates, “Cerberus”) and Koch Minerals & Trading, LLC (“Koch”) today announced that their partnership has completed the previously announced acquisition of the Performance Chemicals business from Ecovyst Inc., formerly PQ Group Holdings Inc. The standalone business will continue to operate under the PQ brand and retain its headquarters in Malvern, Pennsylvania.
With the completion of the transaction, PQ becomes one of the world’s leading, independent producers of sodium silicates, specialty silicas, and zeolites. The business supports a broad range of end uses, including personal and industrial cleaning products, fuel efficient tires, surface coatings, and food and beverage products. PQ is supported by 1,500 employees across 31 facilities and serves more than 900 customers around the world.
Al Beninati, President and Chief Executive Officer of PQ, stated: “We embark on this next chapter in PQ’s respected 190-year history with the support of two distinguished partners. Together, we will drive innovation and accelerate our growth to further strengthen our long-standing customer relationships. We are excited for PQ to reach new heights, while maintaining our family culture and customer-first approach.”
Dev Kapadia, Senior Managing Director at Cerberus, commented: “We are excited to partner with Al and the talented team at PQ. As a standalone company, PQ has the flexibility to further invest in its capabilities and strategically expand its platform. We look forward to bringing Cerberus and Koch’s combined expertise to drive the business’s next phase of growth and build upon its illustrious history.”
Vance Holtzman, Senior Vice President at Koch Minerals & Trading, added: “PQ carries a proud tradition of providing customers with essential products and quality service. We are eager to work with the PQ employees and the Cerberus team on a new era of growth and innovation.”
Jefferies served as financial advisor and Kirkland & Ellis served as legal advisor to Cerberus and Koch. Jones Day served as legal advisor to Koch.
Founded in 1992, Cerberus is a global leader in alternative investing with over $55 billion in assets across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.
About Koch Industries, Inc.
Based in Wichita, Kansas, Koch Industries, Inc. is one of the largest private companies in America, with estimated annual revenues as high as $115 billion, according to Forbes. It owns a diverse group of companies involved in refining and chemicals; forest and consumer products; fertilizers; polymers and fibers; process and pollution control systems; electronics, software and data analytics; minerals; glass; automotive components; ranching; commodity trading; and investments. Since 2003, Koch companies have invested nearly $133 billion in growth and improvements. For more news and information, visit www.KOCHind.com.