“The completion of this transaction and our broader financial restructuring clearly underscore the value our lenders see in our strategy and team, while also opening new opportunities for Vertellus to invest to even better meet the needs of our customers,” said Vertellus CEO, Richard Preziotti. “On behalf of the entire Vertellus team, I want to thank our customers, vendors, partners and all of the employees who helped to drive this process for their continued support as we worked toward this important milestone. We have a tremendous opportunity ahead of us, and I am confident the Vertellus team will rise to the challenge to further our position as an industry leader and trusted partner.”
The Chapter 11 filing and sale did not include the sodium borohydride business, Vertellus Performance Chemicals (“VPC”), operating in Elma, WA. VPC will remain under the ownership of Wind Point Partners. Vertellus will continue to provide shared services to VPC. Over time, management oversight that Vertelllus provides to VPC will be scaled back and replaced with dedicated VPC resources.
Vertellus was advised in this transaction by DLA Piper, Jefferies and FTI Consulting. The lenders are advised in this transaction by Milbank, Tweed and Moelis & Company.