Mergers & Acquisitions

May 18, 2022

Petronas to Buy Perstorp

Malaysia’s Petronas in $2.4bn deal to buy Swedish chemical maker

Both companies see acquisition as opening new growth paths

Malaysia’s Petronas Chemicals is buying Swedish chemical maker Perstorp Holding. (Source photos courtesy of Petronas Chemicals and screenshot from Perstorp Group YouTube page)  P PREM KUMAR, Nikkei staff writerMay 17, 2022 21:12 JST

KUALA LUMPUR — Malaysia’s Petronas Chemicals Group, a subsidiary of state energy firm Petroliam Nasional Berhad (Petronas), said on Tuesday it will acquire Swedish specialty chemicals maker Perstorp Holding in a deal worth 2.3 billion euros ($2.4 billion).

Petronas Chemicals said it signed a securities purchase agreement on Saturday to acquire all shares in Perstorp from European private equity firm Financière Forêt S.à.r.l for 1.54 billion euros in cash and take on Perstorp’s existing debt of 762 million euros.

“Perstorp is an outstanding strategic fit for Petronas Chemicals and enables us to participate in attractive end-markets such as paints and coatings, construction, automotive, personal care and animal nutrition that share a robust growth outlook,” Mohd Yusri Mohamed Yusof, managing director and CEO of the Malaysian company, said in a statement.

In a separate release, Jan Secher, Perstorp’s president and CEO, highlighted advantages for the Swedish company.

“By tapping into PCG’s strength and market leading position in the Asia Pacific region, we are confident that Perstorp can continue to develop into its next phase of growth,” Secher said.

According to its website, Perstorp was established more than 140 years ago and has expertise in resins and coatings, engineered fluids and animal nutrition markets.

The Swedish company also operates in 26 countries and has seven manufacturing sites and three research and development centers. It employs about 1,500 people and has over 2,600 customers worldwide. It offers 130 products within 30 product groups.

In the financial year ended December 2021, Perstorp recorded 1.3 billion euros in revenue and 103 million euros in after-tax profit.

For the same period, Petronas Chemicals had a net profit of 7.35 billion ringgit ($1.67 billion) on the back of 23.03 billion ringgit in revenue.

According to Mohd Yusri, Perstorp will add up to 2.3 metric tons a year to Petronas Chemicals’ production capacity and contribute about 28% in incremental revenue to the company based on the 2021 results.

The completion of the acquisition is subject to relevant regulatory and shareholder approvals.

https://asia.nikkei.com/Business/Business-deals/Malaysia-s-Petronas-in-2.4bn-deal-to-buy-Swedish-chemical-maker

May 18, 2022

Petronas to Buy Perstorp

Malaysia’s Petronas in $2.4bn deal to buy Swedish chemical maker

Both companies see acquisition as opening new growth paths

Malaysia’s Petronas Chemicals is buying Swedish chemical maker Perstorp Holding. (Source photos courtesy of Petronas Chemicals and screenshot from Perstorp Group YouTube page)  P PREM KUMAR, Nikkei staff writerMay 17, 2022 21:12 JST

KUALA LUMPUR — Malaysia’s Petronas Chemicals Group, a subsidiary of state energy firm Petroliam Nasional Berhad (Petronas), said on Tuesday it will acquire Swedish specialty chemicals maker Perstorp Holding in a deal worth 2.3 billion euros ($2.4 billion).

Petronas Chemicals said it signed a securities purchase agreement on Saturday to acquire all shares in Perstorp from European private equity firm Financière Forêt S.à.r.l for 1.54 billion euros in cash and take on Perstorp’s existing debt of 762 million euros.

“Perstorp is an outstanding strategic fit for Petronas Chemicals and enables us to participate in attractive end-markets such as paints and coatings, construction, automotive, personal care and animal nutrition that share a robust growth outlook,” Mohd Yusri Mohamed Yusof, managing director and CEO of the Malaysian company, said in a statement.

In a separate release, Jan Secher, Perstorp’s president and CEO, highlighted advantages for the Swedish company.

“By tapping into PCG’s strength and market leading position in the Asia Pacific region, we are confident that Perstorp can continue to develop into its next phase of growth,” Secher said.

According to its website, Perstorp was established more than 140 years ago and has expertise in resins and coatings, engineered fluids and animal nutrition markets.

The Swedish company also operates in 26 countries and has seven manufacturing sites and three research and development centers. It employs about 1,500 people and has over 2,600 customers worldwide. It offers 130 products within 30 product groups.

In the financial year ended December 2021, Perstorp recorded 1.3 billion euros in revenue and 103 million euros in after-tax profit.

For the same period, Petronas Chemicals had a net profit of 7.35 billion ringgit ($1.67 billion) on the back of 23.03 billion ringgit in revenue.

According to Mohd Yusri, Perstorp will add up to 2.3 metric tons a year to Petronas Chemicals’ production capacity and contribute about 28% in incremental revenue to the company based on the 2021 results.

The completion of the acquisition is subject to relevant regulatory and shareholder approvals.

https://asia.nikkei.com/Business/Business-deals/Malaysia-s-Petronas-in-2.4bn-deal-to-buy-Swedish-chemical-maker

May 18, 2022

Master Terrazzo Acquired by MTT Investment

PRESS RELEASE – FOR IMMEDIATE RELEASE


Levittown PA – MTT Investment Group LLC, a private investment group managed by Michael F. Blackburn (“MTT
Investment Group”) is pleased to announce the acquisition of Master Terrazzo Technologies and related
companies.

Master Terrazzo is a leading, Pennsylvania-based manufacturer and distributor of terrazzo products including Morricite™
Thin-Set Epoxy Terrazzo and other components for terrazzo flooring, utilized in commercial construction applications. The
Morricite™ brand has an over 60-year history. Master Terrazzo provides support to architects and designers, and partners
with qualified terrazzo installers throughout the USA and other parts of the world. The terms of the transaction have not
been disclosed.


Jim Guy, President and CEO of Master Terrazzo, commented,
I would like to thank all of you who have helped us to grow the name of Master Terrazzo Technologies. First of all, I would
like to thank the great employees that we have had over the years. There should be no question, we have been a great
family. I would also like to thank our customers, the best contractors in the world. We are grateful for your trust in us, and
we thank you for your expertise. We are grateful for the vendors who have done so much for us, especially those who have
taken a special interest in us and have gone above and beyond to keep us supplied with the products we need. But, most
of all, I am indebted to my LORD who has guided my life and helped me through it all. I am happy and excited to introduce
MTT Investment Group as the new owners of Master Terrazzo Technologies. In a different category, I thank my wife Monica
who was always with me in the good and bad. And to my children, all who have worked with me in my early days, and who
still laugh with me about the times that we worked together.


Michael Blackburn, President of MTT Investment Group commented,
After more than 15 years at Master Terrazzo, I could not be more enthusiastic about this opportunity to continue the growth
and mission of this fine company. The legacy of Master Terrazzo can be seen in the millions of square feet of projects
completed throughout the nation and in other parts of the world, which is a direct result of providing the finest terrazzo
system available to our certified installer network, which is second to none.


Above all else, my goal will be to provide the premier terrazzo system to the finest terrazzo installers, and to offer
outstanding customer service and support to our architectural and design clients, and to our terrazzo installers. Selecting
terrazzo should always be gratifying experience for architects, designers and building owners; there is no finer floor finish.
About Master Terrazzo Technologies


Throughout several transitions since the 1960’s, Master Terrazzo Technologies has been perfecting the science of the
design and installation of terrazzo.


In 1960, the MacNaughton-Brooks Company formulated and introduced Morricite™ to the terrazzo industry. Morricite™ was
named after Port Morris Tile and Marble, in respect for their valued contribution in the early product development.
Master Builders Technologies, worldwide leaders in admixture technology, purchased the MacNaugton-Brooks Company in
1978, and Master Terrazzo Technologies, LLC purchased the Morricite™ product line in 1997, with a commitment to provide
innovation and leadership through a total commitment of resources to the terrazzo industry.

In 2008, Master Terrazzo Technologies was purchased by Consolidated Coatings, Inc. This acquisition resulted from CCI’s
long-term interest in the terrazzo business. Following the acquisition, Michael H. Blackburn (father of Michael F Blackburn),
a prior owner of MTT with over 20 years of experience in the terrazzo industry, remained with MTT as National Sales
Manager.


Master Terrazzo Technologies has provided materials for many millions of square feet of quality terrazzo installations
throughout the world. The foundation of any epoxy terrazzo manufacturer is the terrazzo matrix that binds the aggregate
and bonds the terrazzo to the concrete substrate. Our flagship Morricite™ System has a rich history of performance and
value dating back for over 60 years.


Learn More: https://masterterrazzo.com/


About MTT Investment Group


MTT investment Group includes longtime members of the Terrazzo community including Michael F. Blackburn (President),
Joseph Wenzke, (Plant Manager) and Louis Giannini (Founder of ProTerrazzo Systems, Inc). The Team is looking forward
bringing Master Terrazzo to its full potential of success.


Michael F. Blackburn has worked up the ranks at Master Terrazzo from Customer Service Representative to National Sales
Manager. Michael’s leadership is based on extensive technical knowledge and practical experience in the industry.
Additionally, Plant Manager Joseph Wenzke has worked in the terrazzo industry for over 20 years. His passion for terrazzo
and his high standards for quality control will continue the legacy of the Master Terrazzo brand.


Louis Giannini has worked in partnership with Master Terrazzo for 10 years representing MTT’s terrazzo products in the
Northeast. Lou is looking forward to support the growth of the company.


May 18, 2022

Master Terrazzo Acquired by MTT Investment

PRESS RELEASE – FOR IMMEDIATE RELEASE


Levittown PA – MTT Investment Group LLC, a private investment group managed by Michael F. Blackburn (“MTT
Investment Group”) is pleased to announce the acquisition of Master Terrazzo Technologies and related
companies.

Master Terrazzo is a leading, Pennsylvania-based manufacturer and distributor of terrazzo products including Morricite™
Thin-Set Epoxy Terrazzo and other components for terrazzo flooring, utilized in commercial construction applications. The
Morricite™ brand has an over 60-year history. Master Terrazzo provides support to architects and designers, and partners
with qualified terrazzo installers throughout the USA and other parts of the world. The terms of the transaction have not
been disclosed.


Jim Guy, President and CEO of Master Terrazzo, commented,
I would like to thank all of you who have helped us to grow the name of Master Terrazzo Technologies. First of all, I would
like to thank the great employees that we have had over the years. There should be no question, we have been a great
family. I would also like to thank our customers, the best contractors in the world. We are grateful for your trust in us, and
we thank you for your expertise. We are grateful for the vendors who have done so much for us, especially those who have
taken a special interest in us and have gone above and beyond to keep us supplied with the products we need. But, most
of all, I am indebted to my LORD who has guided my life and helped me through it all. I am happy and excited to introduce
MTT Investment Group as the new owners of Master Terrazzo Technologies. In a different category, I thank my wife Monica
who was always with me in the good and bad. And to my children, all who have worked with me in my early days, and who
still laugh with me about the times that we worked together.


Michael Blackburn, President of MTT Investment Group commented,
After more than 15 years at Master Terrazzo, I could not be more enthusiastic about this opportunity to continue the growth
and mission of this fine company. The legacy of Master Terrazzo can be seen in the millions of square feet of projects
completed throughout the nation and in other parts of the world, which is a direct result of providing the finest terrazzo
system available to our certified installer network, which is second to none.


Above all else, my goal will be to provide the premier terrazzo system to the finest terrazzo installers, and to offer
outstanding customer service and support to our architectural and design clients, and to our terrazzo installers. Selecting
terrazzo should always be gratifying experience for architects, designers and building owners; there is no finer floor finish.
About Master Terrazzo Technologies


Throughout several transitions since the 1960’s, Master Terrazzo Technologies has been perfecting the science of the
design and installation of terrazzo.


In 1960, the MacNaughton-Brooks Company formulated and introduced Morricite™ to the terrazzo industry. Morricite™ was
named after Port Morris Tile and Marble, in respect for their valued contribution in the early product development.
Master Builders Technologies, worldwide leaders in admixture technology, purchased the MacNaugton-Brooks Company in
1978, and Master Terrazzo Technologies, LLC purchased the Morricite™ product line in 1997, with a commitment to provide
innovation and leadership through a total commitment of resources to the terrazzo industry.

In 2008, Master Terrazzo Technologies was purchased by Consolidated Coatings, Inc. This acquisition resulted from CCI’s
long-term interest in the terrazzo business. Following the acquisition, Michael H. Blackburn (father of Michael F Blackburn),
a prior owner of MTT with over 20 years of experience in the terrazzo industry, remained with MTT as National Sales
Manager.


Master Terrazzo Technologies has provided materials for many millions of square feet of quality terrazzo installations
throughout the world. The foundation of any epoxy terrazzo manufacturer is the terrazzo matrix that binds the aggregate
and bonds the terrazzo to the concrete substrate. Our flagship Morricite™ System has a rich history of performance and
value dating back for over 60 years.


Learn More: https://masterterrazzo.com/


About MTT Investment Group


MTT investment Group includes longtime members of the Terrazzo community including Michael F. Blackburn (President),
Joseph Wenzke, (Plant Manager) and Louis Giannini (Founder of ProTerrazzo Systems, Inc). The Team is looking forward
bringing Master Terrazzo to its full potential of success.


Michael F. Blackburn has worked up the ranks at Master Terrazzo from Customer Service Representative to National Sales
Manager. Michael’s leadership is based on extensive technical knowledge and practical experience in the industry.
Additionally, Plant Manager Joseph Wenzke has worked in the terrazzo industry for over 20 years. His passion for terrazzo
and his high standards for quality control will continue the legacy of the Master Terrazzo brand.


Louis Giannini has worked in partnership with Master Terrazzo for 10 years representing MTT’s terrazzo products in the
Northeast. Lou is looking forward to support the growth of the company.


May 16, 2022

Atmos Technologies

17 Campus Boulevard, Suite 100, Newtown Square, PA  19073

Ph: (610) 436-4314                    

www.atmos-technologies.com

Three-firm merger creates new environmental solutions provider: Atmos Technologies

NEWTOWN SQUARE, PA — The merger of Rusmar, Inc., NCM Odor Control and Crowley Chemical Company brings three long-established, progressive chemical companies under one roof.

The new firm, Atmos Technologies, is a one-of-a-kind, global environmental solutions provider focusing on sustainability, recycling and regulatory compliance across a wide array of markets essential to our communities.

“The original companies, on their own, did not represent who we are as a total company,” Atmos CEO Phil Johnson said. “We wanted to add visibility to the breadth of environmental solutions and technologies we provide to our customers and the community as the new entity we have become.”

Founded in 1986 in West Chester, PA, Rusmar, Inc. specialized in the development of aqueous foam formulations and custom application equipment to enhance regulatory compliance, eliminate VOC emissions and control odors prevalent at solid waste landfills and environmental remediation sites. 

NCM Odor Control developed odor neutralization formulations and custom-fabricated application equipment essential to preventing nuisance odors from escaping to surrounding communities. Solutions include stationary, perimeter and mobile systems for odor abatement at the source that are widely utilized across North America at solid waste landfills, transfer stations and environmental remediation sites. The company was founded in 1987 in Broadheadsville, PA.

Crowley Chemical Company celebrated its 100th year in existence in 2020. It was formerly headquartered in New York City. The company’s expertise lies in the production of specialty blended solutions utilized in a wide array of sustainable end products. Markets include renewable tire & rubber applications, a patented 100% recycled asphalt technology and sustainable adhesives. Crowley’s technologies are widely used as extenders, process aids and formulary components to improve performance and processing while lowering costs. 

“This merger enhances the breadth and depth of potential solutions for our customers’ real regulatory, compliance and environmental challenges,” Johnson said. “As a one-stop solutions provider, Atmos is the only company in business in North America providing this wide a range of products and services to industries who need them.”