One Equity Partners agreed to acquire Norit Activated Carbon, a maker of activated carbon for purification processes from Cabot Corp.
The transaction is subject to customary closing conditions and and is expected to close by the end of Q1 2022.
One Equity Partners , a middle market private equity firm, today announced that it has signed an agreement to acquire Norit Activated Carbon (“Norit” or “the Company”), a global manufacturer of activated carbon for purification solutions, from corporate parent Cabot Corporation.
Norit manufactures a broad portfolio of activated carbon products used for purification needs in growing sectors including renewable natural gas, food and beverage, chemicals, pharmaceuticals, air quality, water, and automotive. The Company operates two plants in North America, five facilities in Europe and participates in three joint ventures in Canada, Asia and Mexico.
“We are proud to make this investment in Norit, whose product offering uses renewable materials to increase access to clean air and water,” said Joe Huffsmith, Managing Director, OEP. “Norit has been a leading player in the activated carbon space for over 100 years, and we feel fortunate for the opportunity to partner with the Norit team on this next phase of the company’s growth and development.”
The global activated carbon market is expected to grow at a CAGR of ~9 percent due, in part, to increased regulatory standards around air purification, water treatment, renewable natural gas purification and pharmaceutical drug production.
“This pending partnership with OEP is the beginning of an exciting new chapter for Norit,” said Imtiaz Kathawalla, VP and General Manager of Norit. “The senior management team and I are eager to collaborate closely with OEP’s professionals and tap their experience in support of our growth through geographic expansion, product offering diversification, technology innovation and strategic acquisitions.”
Latham & Watkins, LLP served as legal counsel to OEP and KPMG LLP served as accounting and tax advisor. PNC Bank NA is providing debt financing for the transaction.
About One Equity Partners
One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt, and Amsterdam.
About Cabot Corporation
Cabot Corporation (NYSE: CBT) is a global specialty chemicals and performance materials company, headquartered in Boston, Massachusetts. The company is a leading provider of rubber and specialty carbons, activated carbon, elastomer composites, inkjet colorants, masterbatches and conductive compounds, fumed silica and aerogel.