Golden Gate invests in Covia

Golden Gate Capital has invested in Independence, Ohio-based Covia, a provider of mineral-based material solutions for the industrial and energy markets.

Golden Gate Capital has invested in Independence, Ohio-based Covia, a provider of mineral-based material solutions for the industrial and energy markets. No financial terms were disclosed. Ropes & Gray LLP and Nob Hill Law Group P.C. served as legal advisors to Golden Gate Capital on the transaction.

PRESS RELEASE

SAN FRANCISCO–(BUSINESS WIRE)–Golden Gate Capital, a leading private equity investment firm, today announced that it has invested in Covia, which successfully completed its financial restructuring and emerged from Chapter 11 today. Through its restructuring, Covia has reduced its long-term debt by approximately $750 million and its fixed costs, including railcar obligations, by an additional $300 million.

Covia is a leading provider of mineral-based material solutions for the industrial and energy markets and is headquartered in Independence, Ohio. Covia, which is committed to safety and sustainability, offers a broad array of high-quality mineral and material products to its customers, leveraging an extensive network of plants and terminals located across North America.

“We have long admired Covia for their leading product portfolio, robust distribution network and commitment to continued innovation, and are excited to add this great company to our roster of industrials investments,” said Dave Thomas, a Managing Director at Golden Gate Capital. “We deeply appreciate and share Covia’s commitment to delivering customer-driven solutions and are excited to leverage our industry experience to help the Company continue providing high-quality products to leading companies in the industrial and energy markets.”

As of emergence, Golden Gate Capital and its affiliates are the largest individual shareholder in Covia.

Ropes & Gray LLP and Nob Hill Law Group P.C. served as legal advisors to Golden Gate Capital.

About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment firm with over $17 billion of committed capital. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. Notable investments sponsored by Golden Gate Capital include Active Minerals, ANGUS, Cole-Parmer and Vantage Elevator Solutions.