The agreement to sell the businesses to Valtris represents an important step in the ongoing development of the Baleycourt and ChloroToluenes business.
Following clearance from the European Commission, INEOS Enterprises has today confirmed it has concluded the sale of INEOS Baleycourt and INEOS ChloroToluenes (ICT) to Valtris Specialty Chemicals (www.valtris.com) for an undisclosed amount. Valtris is owned by H.I.G. Capital, LLC, a global private equity investment firm with $25 billion of equity capital under management*.
INEOS ChloroToluenes is a leading producer of chlorinated toluenes and related derivatives used in coatings, flavour & fragrance, personal care and pharmaceutical applications. It has production facilities in Belgium and the Netherlands. INEOS Baleycourt produces high-quality products for the polymer additives, lubricant, renewable energy and food markets. It is based in northeast France. The combined businesses employ around 250 people and all will transfer as part of this deal.
Valtris is a leading global manufacturer of specialty chemicals primarily used as additives in the production and processing of plastics worldwide. The company serves diverse end markets including building products, packaging, consumer goods, transportation and oilfield additives. The acquisition of INEOS’ ChloroToluenes and Baleycourt businesses will create a global specialty chemicals business with a broad product portfolio, strong technical capabilities and world-class customer service.
Ashley Reed, CEO of INEOS Enterprises said, “We are proud of the accomplishments of INEOS ChloroToluenes and INEOS Baleycourt as part of the INEOS family. Both businesses have built industry leading businesses with reputations for product quality, service reliability and customer satisfaction. We are confident that the Valtris team are the right partners for both businesses and their employees.”
Paul Angus, CEO of Valtris said, “INEOS ChloroToluenes and INEOS Baleycourt are highly strategic acquisitions with strong secular growth drivers that significantly enhance our product portfolio, expand our European presence and strengthen our technology and production capabilities. We are excited to offer our customers an even broader solution offering and pursue the attractive, new growth opportunities that the acquisitions create.”
Keval Patel, Managing Director at H.I.G. said, “We are pleased to add ICT and BC to the Valtris platform. Both companies have achieved impressive growth and have capabilities that are highly complementary to Valtris. We look forward to continuing to support the Valtris team and are very excited about the future prospects of the business.”
INEOS Baleycourt and INEOS ChloroToluenes are part of the INEOS Enterprises portfolio of business. INEOS Enterprises actively seeks market opportunities to acquire, develop and sell chemical businesses.
Completion of the transaction took place on 31 July 2018 and is effective from 1 August 2018.
ENDS
To see the Valtris press release please go to: http://www.valtris.com/valtris-specialty-chemicals-acquires-ineos-chlorotoluenes-and-ineos-baleycourt/
Media contacts
Richard Longden (INEOS)+41 (0) 21 627 7063 or +41 (0) 7996 26123
Note to Editors:
About INEOS Enterprises http://www.ineosenterprises.com INEOS ChloroToluenes and INEOS Baleycourt are a part of INEOS Enterprises (http://www.ineosenterprises.com) which comprises a portfolio of businesses manufacturing chemical products in Northern Europe, with sales of €2bn around the world. INEOS Enterprises is focused on the developing needs of customers and rapid growth through investment in new products and manufacturing facilities or by acquisition. INEOS Enterprises employs 2,000 people across sites in the UK, France, Germany, Sweden, Switzerland, Belgium, Netherlands, and the USA.
About INEOS. http://www.ineos.com INEOS is a global manufacturer of petrochemicals, speciality chemicals and oil products. It comprises 34 businesses each with a major chemical company heritage. Its production network spans 171 manufacturing facilities in 24 countries. INEOS products make a significant contribution to saving life, improving health and enhancing standards of living for people around the world. Its businesses produce the raw materials that are essential in the manufacture of a wide variety of goods: from paints to plastics, textiles to technology, medicines to mobile phones - chemicals manufactured by INEOS enhance almost every aspect of modern life.
About Valtris http://www.valtris.com/ Valtris Specialty Chemicals, based in Independence, OH, is a leading manufacturer of specialty chemicals primarily used as additives in the production and processing of plastics. These chemicals impart critical attributes to plastics including resiliency, flexibility and ease of processing. Valtris operates seven manufacturing facilities globally, five within the US, one in the UK and one in India.
About H.I.G. Capital. H.I.G. is a leading global private equity and alternative assets investment firm with $25 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused / value-added approach:
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H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
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H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
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H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.