Mergers & Acquisitions
January 26, 2025
3Z Brands Acquires Southerland
Phoenix company buys Nashville mattress manufacturer
3Z Brands to use local office as East Coast e-commerce hub
- William Williams
- Dec 18, 2024
Nashville-based mattress manufacturing company Southerland has been sold for an undisclosed sum.
According to a release, Phoenix-based 3Z Brands is the new owner. 3Z bills itself as a manufacturer, wholesaler, retailer, and direct-to-consumer distributor of sleep products.
In addition to Nashville, Southerland offers manufacturing facilities in Phoenix, Tualatin (Ore.) and Oklahoma City. The company serves wholesale customers in 43 states.
With the acquisition, 3Z will have Southerland’s Nashville location serve as the company’s East Coast e-commerce hub. The release does not note if Southerland will now operate with the 3Z moniker.
The sale comes 3.5 years after Southerland announced plans to lease space in an Antioch facility off Interstate 24, with the move made to increase production capacity by more than a third and yield up to 40 new jobs.
That relocation was necessitated by the November 2020 sale for $6.5 million of the North Davidson County property at which Southerland operated for nearly 50 years (read here). The seller was an LLC that had no affiliation with Southerland.
“This partnership strengthens our ability to serve our loyal customers with the quality they expect while giving us access to new resources and expertise to help us grow,” Bryan Smith, Southerland president, said in the release.
“Together, we’re well-positioned to continue delivering excellence, with exciting opportunities to bring our products to even more customers nationwide.”
With an office also in New York, 3Z operates a portfolio of brands that include Helix, Brooklyn Bedding, Leesa, Birch, Bear, and Nolah.
December 15, 2024
Borsodchem Looking at What’s Left of Vencorex
Vencorex: BorsodChem will insolventen Isocyanat-Hersteller kaufen
03.12.2024
Im französischen Pont-de-Claix bei Grenoble betreibt Vencorex einen Großteil der Produktion (Foto: Vencorex)
Kleiner Lichtblick für den seit dem 21. September 2024 unter gerichtlicher Verwaltung stehenden, insolventen Isocyanat-Erzeuger Vencorex (Saint Priest / Frankreich): Das Handelsgericht in Lyon hat die Frist für eine mögliche Übernahme durch einen Investor um vier Monate bis zum 6. März 2025 verlängert. „Mehr Zeit, um eine Lösung zu finden“, kommentierte Séverine Dejoux, Repräsentantin der Gewerkschaft CGT, die Gerichtsentscheidung in französischen Medien.
Bisher gibt es lediglich eine Interessensbekundung seitens der europäischen Wanhua-Tochter BorsodChem (Kazincbarcika / Ungarn). Diese sieht einen Kaufpreis von 1 Mio EUR sowie eine Weiterbeschäftigung von lediglich 25 der aktuell gut 460 Mitarbeiter vor.
Die Vencorex-Muttergesellschaft PTT Global Chemical (PTT GC, Bangkok / Thailand) hatte für das französische Unternehmen am 10. September Insolvenzantrag gestellt.
Pardon the google translation!
A small ray of hope for the insolvent isocyanate producer Vencorex (Saint Priest / France), which has been under court administration since September 21, 2024: The Commercial Court in Lyon has extended the deadline for a possible takeover by an investor by four months until March 6, 2025. “More time to find a solution,” Séverine Dejoux, representative of the CGT trade union, commented on the court decision in French media. So far, there has only been an expression of interest from Wanhua’s European subsidiary BorsodChem (Kazincbarcika / Hungary). This provides for a purchase price of EUR 1 million and the continued employment of only 25 of the current 460 employees. Vencorex’s parent company PTT Global Chemical (PTT GC, Bangkok / Thailand) had filed for insolvency for the French company on September 10.
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.
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