M&A Deal Summary

Ashland Global Holdings Acquires Northwest Coatings

On October 30, 2006, Ashland Global Holdings Inc. acquired chemicals company Northwest Coatings LLC from Caltius Equity Partners and American Capital for 72M USD

Acquisition Highlights
  • This is Ashland Global Holdings’ 1st transaction in the Chemicals sector.
  • This is Ashland Global Holdings’ 5th largest (disclosed) transaction.
  • This is Ashland Global Holdings’ 2nd transaction in the United States.
  • This is Ashland Global Holdings’ 1st transaction in Wisconsin.

M&A Deal Summary

Date 2006-10-30
Target Northwest Coatings LLC
Sector Chemicals
Buyer(s) Ashland Global Holdings Inc.
Sellers(s) Caltius Equity Partners
American Capital
Deal Type Add-on Acquisition
Deal Value 72M USD

Target

Northwest Coatings LLC

Oak Creek, Wisconsin, United States
website
Northwest Coatings Corp is a developer and manufacturer of customized specialty energy-curable (UV/EB, ultraviolet and electron beam) and water-based coatings and adhesives servicing the tag and label, packaging, printing and other industries.

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Buyer(S) 1

Buyer

Ashland Global Holdings Inc.

Covington, Kentucky, United States

website


Category Company
Founded 1924
SectorChemicals
Employees4,200
Revenue 2.3B USD (2020)
DESCRIPTION

Ashland is a global specialty chemicals company. Ashland has three reportable segments: Specialty Ingredients, Performance Materials and Valvoline. Specialty Ingredients is a global provider of cellulose ethers, vinyl pyrrolidones and biofunctionals. Performance Materials is composed of two divisions: Composites and Intermediates/Solvents. Performance Materials is a global provider of unsaturated polyester resins and vinyl ester resins. The business unit has positions in gelcoats, maleic anhydride, butanediol, tetrahydrofuran, N-Methylpyrrolidone and other intermediates and solvents. Valvoline is a worldwide producer and distributor of premium-branded automotive, commercial and industrial lubricants and automotive chemicals. Ashland was formed in 1924 and is based in Covington, Kentucky.


DEAL STATS #
Overall 2 of 7
Sector (Chemicals) 1 of 6
Type (Add-on Acquisition) 1 of 4
State (Wisconsin) 1 of 1
Country (United States) 2 of 6
Year (2006) 1 of 1
Size (of disclosed) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-21 Ashland Paving And Construction, Inc.

Atlanta, Georgia, United States

Ashland Paving And Construction, Inc. is an asphalt and heavy highway construction company with approximately 9,700 employees and extensive operations in 14 mid-western and southern states.

Sell $1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-09 Air Products Non-Pressure Emulsions Business

United States

Air Products Non-Pressure Emulsions Business includes plants in Elkton and Piedmont. The Piedmont facility manufactures Flexcryl pressure sensitive adhesives. The Elkton plant produces atmospheric emulsions that are used in paint, adhesives, and paper coatings.

Buy $92M

Seller(S) 2

SELLER

Caltius Equity Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1999
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Caltius Equity is the private equity arm of Caltius Capital Management. Caltius Equity focuses on making equity investments valued from $10 to $30 million. The Group looks to acquire control or substantial minority positions in businesses with defensible market positions, growth potential, history of profits, proprietary products/services, and limited technology risk. Funds are generally used to support generational transfers, management buyouts, growth financings, and corporate divestitures. Current sectors of interest include business and infrastructure services, education services, facilities management and services, healthcare products/services, and speciality chemicals/coatings. Caltius was formed in 1999 and is based in Los Angeles, California.


DEAL STATS #
Overall 8 of 21
Sector (Chemicals) 1 of 2
Type (Add-on Acquisition) 3 of 10
State (Wisconsin) 1 of 1
Country (United States) 8 of 21
Year (2006) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-03 Arrowhead Brass Products, Inc.

Los Angeles, California, United States

Arrowhead Brass Products, Inc., located in Los Angeles, California is the premier domestic manufacturer of exterior plumbing fixtures designed for high-end professional builders and home owners. The Company's products are primarily brass and include hose bibs, gas values, wall hydrants and other assorted valves used in the home. Arrowhead sells its products through wholesale plumbing distributors and retailers.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-01 MCC Control Systems LP

Vacaville, California, United States

MCC Control Systems is a control systems integrator, primarily servicing customers in the water and wastewater industry. MCC Control Systems was founded in 1989 and is based in Vacaville, California.

Buy -
SELLER

American Capital

website


Category Private Equity Firm
Founded 1997
PE ASSETS 22.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

American Capital was a publicly traded buyout and mezzanine investment firm. American Capital invested in buyouts, growth capital financings, acquistion financings, and recapitalizations. The Firm looked to finance businesses with at least $4 million in EBITDA and valued between $20 and $500 million. American Capital ws a generalist firm with broad interest in traditional industries such as manufacturing, distribution, and services. American Capital's European investment affiliate is European Capital. European Capital looked to invest $10 to $600 million of equity, mezzanine, and/or senior debt in similar opportunities across Europe. American Capital was formed in 1997 and in January 2017, merged with Ares Capital Management.


DEAL STATS #
Overall 52 of 191
Sector (Chemicals) 2 of 4
Type (Add-on Acquisition) 27 of 87
State (Wisconsin) 1 of 7
Country (United States) 51 of 183
Year (2006) 21 of 26
Size (of disclosed) 50 of 56
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-30 Haband Co., Inc.

Jessup, Pennsylvania, United States

Haband Company, Inc. is one of America's oldest and largest direct mail and online marketers of value-priced men's and women's comfortable, casual apparel, shoes and practical home items.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-01 Corporate Benefit Services of America, Inc.

Minnetonka, Minnesota, United States

Corporate Benefit Services of America, Inc. is a leading third-party administrator of employer's health care benefit programs. The company is headquartered in Minnetonka, Minnesota.

Sell -