TJC to acquire majority ownership stake in Delrin business from DuPont

• The deal is expected to close around year-end 2023
• At close, DuPont will receive pre-tax cash proceeds of approximately $1.25 billion and own a 19.9 percent non-controlling common equity stake in the Delrin business
• Founded in 1982, TJC invests in the middle market

Chemicals company DuPont has agreed to sell a majority ownership stake in the Delrin acetal homopolymer business to TJC. The transaction puts the business at a valuation of $1.8 billion.

The deal is expected to close around year-end 2023.

At close, DuPont will receive pre-tax cash proceeds of approximately $1.25 billion and will own a 19.9 percent non-controlling common equity stake in the Delrin business.

“Delrin is widely recognized as the material of choice for safety critical and high cost-of-failure applications across diverse end markets,” said Ian Arons, TJC partner in a statement. “For over 60 years the Delrin business has leveraged its differentiated technologies and global manufacturing presence to provide its customers high quality, innovative solutions. We are thrilled to have DuPont as a partner, and we look forward to working closely with the entire Delrin team to drive future growth in the business.”

Goldman Sachs is serving as DuPont’s financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel. Citi is acting as financial advisor and Kirkland & Ellis LLP are serving as legal counsel to TJC.

Founded in 1982, TJC invests in the middle market.