Mergers & Acquisitions
December 3, 2024
Shrieve Acquires Connection Chemical
Shrieve Chemical Announces Acquisition of Connection Chemical
Shrieve
2,873 followers
November 6, 2024
THE WOODLANDS, TX (November 5, 2024) — Shrieve Chemical Company (“Shrieve”), a portfolio company of Gemspring Capital and a value-added chemicals distributor, announced today that it has acquired Connection Chemical, LP (“Connection”), a full-service distributor of industrial chemicals and fine ingredients based in Newtown, Pennsylvania. Terms of the transaction were not disclosed.
Founded in 2010, Connection has built a reputation as a trusted partner to a broad range of customers and suppliers, with stocking locations throughout the United States, multiple deep-draft storage tanks, and in-house logistics capabilities that seamlessly connect customers to the global chemical market.
With global expertise and relationships, Connection offers dynamic supply chain solutions and consistent value to both customers and suppliers.
The acquisition broadens Shrieve’s product portfolio and enhances its global sourcing capabilities. Additionally, the combination enables Shrieve to strategically extend its existing product lines to Connection’s customers while introducing Connection’s offerings to new and established clients.
“I am excited to welcome Connection Chemical into the Shrieve Chemical family. This transaction reflects our ongoing commitment to expanding the products and capabilities we offer our customers,” said George Fuller, CEO of Shrieve. “The Connection team has built a world-class business with industry-leading product import capabilities, deep supplier relationships, and a diverse product portfolio serving attractive end markets. In partnership with Frank and the Connection team, we look forward to delivering even greater value to our customers and supplier partners.”
Frank Farish, President of Connection, added, “We are excited to partner with Shrieve and continue leveraging our global supply chain to deliver a consistent supply of high-quality products to customers across North America. Our shared values and dedication to customer service make this partnership a perfect fit, and we are eager to harness the strength of the combined organization to better serve our customers and suppliers.”
Connection was advised by Truist on the transaction.
About Shrieve
Shrieve, based in The Woodlands, TX, is a value-added chemicals distributor serving attractive markets and end-use applications globally. Since its founding in 1978, Shrieve has leveraged its knowledge network to find the best match between suppliers, customer needs, and product applications. Through its four operating segments, Chemical Distribution, Specialty Lubricants and Enhancers, Energy Products and Services, and Custom Packaging, Shrieve markets nearly 1,500 products across more than 40 countries. For more information, visit www.shrieve.com.
About Connection Chemical
Connection, headquartered in Newtown, PA, is a chemical distributor of industrial chemicals and fine ingredients in North America. Founded in 2010, Connection leverages extensive market knowledge, unmatched expertise in supply chain optimization, and a deep network of global supply partners to support customers’ needs for dynamic supply chain solutions. For more information, visit www.connectionchemical.com.
December 2, 2024
ADNOC and Covestro Update
ADNOC says Covestro shareholders accept takeover offer
Reuters Images
ADNOC said the additional acceptance period would start on Tuesday, allowing Covestro shareholders to accept the offer until Dec. 16.
It said the transaction is expected to close in the second half of 2025.
Bartosz Dabrowski, Reuters News
October 31, 2024
Nippon Paint Acquires AOC
Lone Star Announces Sale of AOC to Nippon Paint Holdings
October 28, 2024 07:00 AM Eastern Daylight Time
DALLAS & NEW YORK & LONDON & TOKYO–(BUSINESS WIRE)–Lone Star Funds (“Lone Star”) today announces the signing by an affiliate of Lone Star Fund XI, LP of a definitive agreement to sell AOC, a leading global specialty chemicals company, to Nippon Paint Holdings Co., Ltd. (“NPHD”).
“AOC is backed by a strong management team that has been instrumental in driving the company’s success and unlocking value. We believe AOC is well-positioned for continued growth, and we wish the team continued success in the future.”Post this
AOC is a leading manufacturer of specialty chemical formulations in the unsaturated polyester and vinyl ester sectors. With operations in North America, Europe and Asia, AOC serves customers globally in the infrastructure, construction (residential and commercial), transportation, and recreation sectors.
Under Lone Star’s stewardship, AOC invested in its core business systems, including commercial excellence, innovation, procurement and manufacturing efficiency, to drive earnings growth. AOC also invested in the expansion of its executive leadership team, broadening the capabilities of the team to efficiently manage the global enterprise. AOC is poised to capitalize on its next leg of growth, supported by a well-capitalized asset base and a world-class management team.
“We are immensely proud of the growth and innovation AOC has achieved during our ownership,” said Donald Quintin, Chief Executive Officer of Lone Star. “AOC is backed by a strong management team that has been instrumental in driving the company’s success and unlocking value. We believe AOC is well-positioned for continued growth, and we wish the team continued success in the future.”
Joe Salley, Chief Executive Officer of AOC said, “I would like to thank Lone Star for their support and partnership over the last three years. I would also like to thank our outstanding management team and employees for their tireless efforts to deliver best-in-class results for our customers and shareholders. We are excited about the opportunities that lie ahead as we join Nippon Paint Group, a company that shares our commitment to integrity, quality and innovation.”
The transaction is subject to certain closing adjustments and conditions, including regulatory clearances, and is expected to close in the first half of 2025.
Morgan Stanley & Co. LLC and Citi served as sell-side financial advisors and Gibson, Dunn & Crutcher LLP provided legal advice to seller. AOC Management was advised by Jamieson Corporate Finance, Katzke & Morgenbesser LLP.
About AOC
AOC is a leading global supplier of specialty formulations and solutions which enable customers to create robust, durable, and versatile products and components for applications in Coatings and Protective Barriers, Colorants and Visual Effects, Adhesives and Specialties, and conventional Composites.
With strong capabilities worldwide in manufacturing and science, the company works closely with customers to deliver unrivaled quality, service, and reliability for today and create innovative solutions for tomorrow.
About Lone Star
Lone Star is a leading private equity firm advising funds that invest globally in corporate equity, credit, real estate and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized 25 private equity funds with aggregate capital commitments totaling approximately $95 billion. The firm organizes its funds in three series: the Opportunity Fund series; the Commercial Real Estate Fund series; and the U.S. Residential Mortgage Fund series. Lone Star invests on behalf of its limited partners, which include institutional investors such as pension funds and sovereign wealth funds, as well as foundations and endowments that support medical research, higher education, and other philanthropic causes. For more information regarding Lone Star Funds, go to www.lonestarfunds.com.
October 30, 2024
Carpenter Acquires Casper Sleep
Casper Sleep Inc. To Operate As Subsidiary Of Carpenter Co.
Posted on October 29, 2024
RICHMOND, VA – Casper Sleep Inc., which has one of the best-known brands in the bedding category and is recognized as the leader in the bed-in-a-box e-commerce category, has become a subsidiary of Carpenter Co. Carpenter will assist Casper on a comprehensive growth and profitability strategy, as well as the appropriate future channels to market.
For more information, please contact Mike McQuiston, Senior Vice President of Consumer Products for Carpenter Co.
About Carpenter Co.
Founded in 1950, Carpenter Co. is the world’s largest vertically integrated manufacturer of polyurethane foams. Carpenter also serves a diversified global marketplace with polyurethane chemical solutions, polyester fibers, and insulation materials through a network of more than 70 production locations. Our 6,500+ employees across the globe seek to provide the most innovative products and solutions with a focus on enhancing the quality of people’s lives while being a good steward of our resources.
https://carpenter.com/en/casper-sleep-inc-to-operate-as-subsidiary-of-carpenter-co/
October 14, 2024
Honeywell Spin Off
HONEYWELL ANNOUNCES PLAN TO SPIN OFF ADVANCED MATERIALS BUSINESS TO SHAREOWNERS
Oct. 08, 2024 6:00 AM ETHoneywell International Inc. (HON)
- Independent company to be a leading provider of sustainability-focused specialty chemicals and materials with approximately $3.8 billion of revenue and an EBITDA margin greater than 25% expected in FY24
- Advanced Materials portfolio includes leading brands such as Solstice®, Spectra®, Hydranal® and Aclar®, among others
- Honeywell (HON) continues to simplify and optimize its portfolio around three compelling megatrends: automation, the future of aviation and energy transition
- Tax-free spin to shareowners targeted to be completed by the end of 2025 or early 2026
CHARLOTTE, N.C., Oct. 8, 2024 /PRNewswire/ — Honeywell (Nasdaq: HON) today announced a plan to spin off its Advanced Materials business into an independent, U.S. publicly traded company, which is targeted to be completed by the end of 2025 or early 2026. Honeywell expects to execute the planned spin in a tax-free manner to its shareowners.
As a leading global provider of sustainability-focused specialty chemicals and materials, this pure-play business will be well-positioned to benefit from an enhanced strategic focus and the financial flexibility to pursue innovation and growth opportunities through investment cycles. Further, the planned spin-off will enable Honeywell to progress its strategic priorities of accelerating organic growth, evolving its Accelerator operating system, and optimizing its portfolio.
“Given the sustained market demand for advanced specialty chemicals and materials around the globe, we are confident now is the right time for this business to grow independently, leveraging its leading technologies and deep customer relationships. As a sector leader, this new company will have a greater strategic focus on innovation, enabling it to develop new, more sustainable solutions and products with next-generation chemistry to create further value for shareowners,” said Vimal Kapur, Chairman and CEO of Honeywell.
Kapur added, “Today’s announcement is the latest step in the optimization of the Honeywell portfolio, a key priority I laid out in my first year leading the company. Through the powerful combination of strategic bolt-on acquisitions and subtractions of high quality but non-core business lines, we continue to enhance our portfolio mix and further tighten Honeywell’s alignment to three compelling megatrends: automation, the future of aviation, and energy transition—underpinned by our Accelerator business models.”
The planned spin-off is expected to create value for all stakeholders as both Honeywell and the Advanced Materials business will benefit from:
- A simplified strategic focus;
- A greater financial flexibility to pursue prioritized organic growth opportunities throughout investment cycles;
- An improved ability to customize capital allocation priorities in alignment with strategic focus; and
- Distinct investment profiles that position each company to unlock greater long-term value for shareowners.
Honeywell’s Continued Simplification and Portfolio Optimization
The planned spin-off of the Advanced Materials business follows four recent acquisitions Honeywell announced as part of its disciplined capital deployment strategy. The company is focused on high-return acquisitions that will drive future growth across its portfolio in alignment with the three powerful megatrends. In the past 12 months, Honeywell completed the acquisitions of: Carrier Access Solutions, Civitanavi, CAES and Air Products’ liquified natural gas (LNG) business.
Honeywell is currently on pace to exceed its commitment to deploy at least $25 billion toward high-return capital expenditures, dividends, opportunistic share purchases and accretive acquisitions through 2025, with approximately $9 billion deployed towards acquisitions to date in 2024.
Following the completion of the planned spin of the Advanced Materials business, Honeywell will be positioned to further improve its organic sales growth, lower capital intensity, reduce cyclicality of sales and enhance free cash flow generation capability.
Advanced Materials
Upon completion of the spin-off, the Advanced Materials business will be a sustainability-focused specialty chemicals and materials pure play with leading positions across fluorine products, electronic materials, industrial grade fibers, and healthcare packaging solutions. The business offers technologies that include the breakthrough low global warming Solstice® hydrofluoro-olefin (HFO) technology, which has helped avoid the potential release of the equivalent of more than 326 million metric tons of carbon dioxide into the atmosphere.[1] Additionally, the business manufactures a wide variety of high-performance specialty materials technologies ranging from Spectra®, a fiber used in high-end armor technology to protect in law enforcement and military applications, to Hydranal®, the most trusted brand in Karl Fischer titration, to Aclar®, a high-performance pharmaceutical packaging material critical to preserving prescription drugs and keeping them safe.
Advanced Materials is expected to have FY24 estimated revenue of between $3.7 billion and $3.9 billion with an EBITDA margin greater than 25%. As a standalone company with a large-scale domestic manufacturing base, it will be positioned to benefit from a compelling investment profile and a more flexible and optimized capital allocation strategy.
Transaction Details
The planned spin-off transaction is targeted for completion by the end of 2025 or early 2026, subject to certain customary conditions, including, among others, the filing and effectiveness of applicable filings (including a Form 10 registration statement) with the U.S. Securities and Exchange Commission, assurance that the spin-off of the Advanced Materials business will be tax-free to Honeywell’s shareowners, receipt of applicable regulatory approvals and final approval by Honeywell’s board of directors. Approval by Honeywell’s shareowners is not required.
The spin transaction will not impact Honeywell’s FY24 guidance.
As the process progresses, Honeywell intends to provide additional information regarding the future management team and board of directors for the independent Advanced Materials company.
Goldman Sachs & Co. LLC is serving as financial advisor to Honeywell. Skadden, Arps, Slate, Meagher & Flom LLP is providing external legal counsel.
Everchem Updates Archive 
Sign Up for Email Updates