MEDIA, Pa. and RED BANK, N.J., March 5, 2019 /PRNewswire/ — FXI and Innocor, two of the leading producers of polyurethane foam products, today announced the signing of a definitive merger agreement that will establish one of the most comprehensive and innovative companies in the industry. The combined company will offer a complete array of solutions and serve customers across a broad range of end markets—including bedding, furniture, transportation, medical, filtration, acoustics, and industrial. Financial terms of the transaction were not disclosed.

FXI is a leading provider of innovative foam solutions driven by consumer insights and state-of-the-art research and development. FXI’s products are used in a variety of end markets including bedding, furniture, transportation, medical, filtration, acoustics, and industrial. The company has 16 manufacturing and distribution facilities with approximately 2,200 employees.

Innocor is a leader in consumer-driven polyurethane foam solutions for finished products in retail, ecommerce and direct-to-consumer segments as well as OEM innovative foam technologies for the sleep, furniture and RV segments. The company has 21 manufacturing and distribution facilities with approximately 1,800 employees.

“This partnership brings together two industry pioneers with complementary capabilities,” said Harold J. Earley, President and Chief Executive Officer of FXI, who will lead the combined company. “We will be able to offer customers an unparalleled service experience through enhanced manufacturing and R&D capabilities—creating one of the broadest ranges of innovative, high-quality polyurethane foam products and solutions—and reduced delivery times by leveraging our expanded footprint.”

“Innocor and FXI are already leaders in product development, customer satisfaction, efficient operating platforms, and in the growth opportunities we offer for employees,” said Bill Redmond, President and Chief Executive Officer of Innocor, who will have a seat on the combined company’s Board of Directors. “Together, we will continue to invest in bringing innovative new technologies to customers and consumers that deliver unrivaled comfort and quality across a broad range of products.”

Affiliates of One Rock Capital Partners, LLC (“One Rock“), FXI’s controlling shareholder, and Bain Capital Private Equity, Innocor’s majority owner, will continue to own the combined company.

“We are excited to support the continued growth of FXI through this strategic combination, which we believe will enhance performance and deepen strong customer and supplier relationships,” said Tony W. Lee, Managing Partner of One Rock. One Rock Managing Partner R. Scott Spielvogel added, “Leveraging our significant experience in the chemicals and process industries, we look forward to working alongside the management team to drive operational excellence throughout the combined business.”

“We believe this partnership will enable FXI and Innocor to deliver innovative, high-quality products to a wide array of customers,” said Stephen Thomas, a Managing Director at Bain Capital Private Equity. “We are pleased to have helped bolster Innocor’s operational execution and product development capabilities, and are excited to partner with management and One Rock to execute the growth plan.”

The transaction is supported by fully committed debt financing.  It is expected to close during the second half of 2019 and is subject to customary closing conditions and regulatory approvals.

Jefferies LLC is serving as M&A advisor, and Latham & Watkins LLP is serving as legal counsel to FXI. Barclays Capital Inc. is serving as M&A advisor, and Ropes & Gray LLP is serving as legal counsel to Innocor.

https://www.prnewswire.com/news-releases/fxi-and-innocor-combine-to-create-one-of-the-most-innovative-foam-solutions-providers-300807196.html

DOWNERS GROVE, Ill., March 4, 2019 /PRNewswire/ — Univar Inc. (NYSE: UNVR) (“Univar Solutions”), a leading global chemical and ingredient solutions provider, today announced revised guidance for full year 2019 reflecting the completed acquisition of Nexeo Solutions, Inc. (“Nexeo”).

“Completing the acquisition of Nexeo is a positive step forward as we redefine chemical and ingredient distribution and deliver superior growth for our partners, people and shareholders,” said David Jukes, Univar Solutions president and chief executive officer.  “As Univar Solutions, we see even greater opportunities to drive efficiencies as we focus on our mission of streamlining, innovating and growing the new company.”

Full Year 2019 Guidance

For the full year 2019, on a combined basis, Univar expects to earn $740 to $760 million in Adjusted EBITDA. This guidance reflects 10 months of earnings from the Nexeo Chemicals business and approximately $10 million in realized synergies. The Company expects to generate $300 to $350 million in free cash flow before one-time integration costs of approximately $70 million.

This guidance excludes the impact of the Nexeo plastics distribution business (“Nexeo Plastics”), which will be accounted for as a discontinued operation. An agreement was previously announced to divest Nexeo Plastics to an affiliate of One Rock Capital Partners, LLC (“One Rock“) in a transaction valued at approximately $640 million, subject to customary closing adjustments.  The transaction is expected to close in the first half of 2019 with net proceeds being used to immediately pay down debt. The transaction remains subject to the satisfaction of customary closing conditions.

https://www.prnewswire.com/news-releases/univar-solutions-announces-full-year-2019-combined-guidance-300805723.html

DOWNERS GROVE, Ill., March 4, 2019 /PRNewswire/ — Univar Inc. (NYSE: UNVR) (“Univar Solutions”), a leading global chemical and ingredient solutions provider, today announced revised guidance for full year 2019 reflecting the completed acquisition of Nexeo Solutions, Inc. (“Nexeo”).

“Completing the acquisition of Nexeo is a positive step forward as we redefine chemical and ingredient distribution and deliver superior growth for our partners, people and shareholders,” said David Jukes, Univar Solutions president and chief executive officer.  “As Univar Solutions, we see even greater opportunities to drive efficiencies as we focus on our mission of streamlining, innovating and growing the new company.”

Full Year 2019 Guidance

For the full year 2019, on a combined basis, Univar expects to earn $740 to $760 million in Adjusted EBITDA. This guidance reflects 10 months of earnings from the Nexeo Chemicals business and approximately $10 million in realized synergies. The Company expects to generate $300 to $350 million in free cash flow before one-time integration costs of approximately $70 million.

This guidance excludes the impact of the Nexeo plastics distribution business (“Nexeo Plastics”), which will be accounted for as a discontinued operation. An agreement was previously announced to divest Nexeo Plastics to an affiliate of One Rock Capital Partners, LLC (“One Rock“) in a transaction valued at approximately $640 million, subject to customary closing adjustments.  The transaction is expected to close in the first half of 2019 with net proceeds being used to immediately pay down debt. The transaction remains subject to the satisfaction of customary closing conditions.

https://www.prnewswire.com/news-releases/univar-solutions-announces-full-year-2019-combined-guidance-300805723.html