M&A Deal Summary

Elementis Acquires SummitReheis

On February 10, 2017, Elementis acquired chemicals company SummitReheis from Barings, One Rock Capital Partners and Brookside Equity Partners for 360M USD

Acquisition Highlights
  • This is Elementis’ 3rd transaction in the Chemicals sector.
  • This is Elementis’ 2nd largest (disclosed) transaction.
  • This is Elementis’ 2nd transaction in the United States.
  • This is Elementis’ 1st transaction in New York.

M&A Deal Summary
Date 2017-02-10
Target SummitReheis
Sector Chemicals
Buyer(s) Elementis
Sellers(s) Barings
One Rock Capital Partners
Brookside Equity Partners
Deal Type Add-on Acquisition
Deal Value 360M USD

Target

SummitReheis

Huguenot, New York, United States
website
SummitReheis is a high quality, high margin specialty chemicals platform that produces a range of critical active ingredients and materials tailored for use in personal care, pharmaceutical and dental products. SummitReheis' anti-perspirant actives business (more than 60 per cent. of its sales) is the global leader in the manufacture and sale of active ingredients for anti-perspirants and has long standing relationships with key consumer product companies across the Americas, Europe and Asia.

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Buyer(S) 1

Buyer

Elementis

London, United Kingdom

website

Category Company
Founded 1844
Sector Chemicals
Employees1,413
Revenue 880M USD (2021)
DESCRIPTION

Global leader in Chromium chemicals. Elementis was incorporated in 1844 and is based in London, the United Kingdom.

DEAL STATS #
Overall 4 of 5
Sector (Chemicals) 3 of 3
Type (Add-on Acquisition) 4 of 5
State (New York) 1 of 1
Country (United States) 2 of 2
Year (2017) 2 of 2
Size (of disclosed) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-01 SRL Dental

Ludwigshafen, Sweden

SRL Dental is a manufacturer and distributor of gypsum-based products and special alloys for dental and medical technology applications, 3D printing as well as technical mold design. SRL Dental is based in Ludwigshafen, Sweden.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-20 Elementis - US Colourants Business

United States

Elementis - US Colourants Business is a supplier of colorant systems, chemical and pigment dispersions, where the products for that business are produced.

Sell -

Seller(S) 3

SELLER

Barings

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1955
PE ASSETS 288.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Babson Capital is an investment management and advisory firm based in Boston, Massachusetts. In addition to its other investment vehicles, Babson invests in mezzanine, distressed, and private equity transactions. Babson targets potential transactions valued between $50 and $300 million. The Firm commits between $10 and $40 million for mezzanine capital needs and between $3 and $15 million for private equity investments. Sectors of interest include manufacturing, business services, distribution, consumer products, consumer services, food products, packaging, and healthcare. Babson will consider opportunities in the US, Europe, and Asia.

DEAL STATS #
Overall 17 of 34
Sector (Chemicals) 2 of 3
Type (Add-on Acquisition) 13 of 22
State (New York) 1 of 1
Country (United States) 15 of 30
Year (2017) 1 of 5
Size (of disclosed) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-22 Hi-Rel Group

Norfolk, United Kingdom

Hi-Rel Group LLC is a provider of highly specialized hermetic packaging components used for mission-critical applications in the defense, optical networking, industrial and medical industries. Hi-Rel’s product offerings, which include lids, getters (absorbers), preforms, thermal spreaders and ring frames.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-16 Church Services

Houston, Texas, United States

Church Services, Inc. is a provider of residential maintenance, repair, and replacement services in the areas of (i) heating, ventilation and air conditioning ("HVAC"), (ii) electrical, (iii) plumbing and (iv) foundation repair. Church Services was founded in 1990 and is based in Houston, Texas.

Sell -
SELLER

One Rock Capital Partners

New York, New York, United States

website

Category Private Equity Firm
Founded 2010
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

One Rock Capital Partners is a private equity group focused on opportunities where the Firm can leverage its operational, strategic, and financial resources. One Rock seeks investments in mature, North American companies and will also consider distressed situations. Sectors of interest include chemicals, packaging, forest products, consumer appliances/electronics, electrical equipment, niche manufacturing, business services, environmental services, waste management, equipment rental, healthcare products, medical products, and automotive dealerships. One Rock Capital Partners is based in New York City.

DEAL STATS #
Overall 3 of 5
Sector (Chemicals) 2 of 2
Type (Add-on Acquisition) 2 of 2
State (New York) 1 of 1
Country (United States) 3 of 5
Year (2017) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-05 North Pacific Paper

Longview, Washington, United States

North Pacific Paper is a manufacturer of newsprint and various publication paper products.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-08 FXI

Media, Pennsylvania, United States

FXI is a producer of foam products for the home, healthcare, electronics, industrial, personal care and transportation markets. Its products include finished goods, sub-assemblies, services and raw materials for OEMs, fabricators and retailers.

Buy -
SELLER

Brookside Equity Partners

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1977
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Brookside Equity Partners (BEP) focuses on private equity investments, including direct control investments, majority or minority co-investments alongside other investment firms, and, on a selective basis, investments in private funds or special situations. BEP targets middle-market companies with revenues greater than $15 million and at least $5 million of EBITDA. Sectors of interest include manufacturing, business services, financial services, and consumer businesses. Brookside Equity Partners was formed in 1977 and is based in Stamford, Connecticut.

DEAL STATS #
Overall 24 of 28
Sector (Chemicals) 1 of 1
Type (Add-on Acquisition) 8 of 8
State (New York) 3 of 4
Country (United States) 23 of 27
Year (2017) 2 of 3
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-04 Seal Industries

Spring, Texas, United States

Seal Industries, Inc. is a provider of technical repair and compliance services to the refinery, petrochemical and utility markets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-28 GroupAero

New York, New York, United States

Aerospace Holdings, Inc. is a provider of advanced engineering, design and manufacturing services to space, commercial aerospace and defense markets. Aerospace Holdings is based in New York City.

Sell -
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