M&A Deal Summary

The Carlyle Group Acquires Ecovyst

On July 1, 2007, private equity firm The Carlyle Group acquired chemicals company Ecovyst from CCMP Capital and Arrowhead Investment Management for 1.5B USD

Acquisition Highlights
  • This is The Carlyle Group’s 4th transaction in the Chemicals sector.
  • This is The Carlyle Group’s 44th largest (disclosed) transaction.
  • This is The Carlyle Group’s 170th transaction in the United States.
  • This is The Carlyle Group’s 5th transaction in Pennsylvania.
Investment Fate
  • Ecovyst was sold to a consortium of financial buyers in 2014.
  • Ecovyst went public in 2017.

M&A Deal Summary

Date 2007-07-01
Target Ecovyst
Sector Chemicals
Buyer(s) The Carlyle Group
Sellers(s) CCMP Capital
Arrowhead Investment Management
Deal Type Secondary Buyout
Deal Value 1.5B USD
Advisor(s) Lehman Brothers, Inc.
J.P. Morgan Securities
Credit Suisse Investment Banking
Jefferies (Financial)
Latham & Watkins (Legal)

Target

Ecovyst

Malvern, Pennsylvania, United States
website
Ecovyst is a worldwide producer of specialty inorganic performance chemicals, high-end catalysts and engineered glass beads for the consumer, oil & gas, transportation safety, specialty plastics and industrial markets. Ecovyst is based in Malvern, Pennsylvania.

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Buyer(S) 1

Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 376.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 288 of 695
Sector (Chemicals) 4 of 13
Type (Secondary Buyout) 24 of 125
State (Pennsylvania) 5 of 13
Country (United States) 170 of 336
Year (2007) 27 of 52
Size (of disclosed) 44 of 133
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-01 Veyance Technologies

Fairlawn, Ohio, United States

Veyance Technologies, Inc. manufactures and sells Goodyear Engineered Products-branded industrial power transmission products; heavy-duty and lightweight conveyor belts; hydraulics; rubber track; and automotive and heavy-duty truck belts, hose, tensioners and air springs.

Buy $1.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-04 ARINC

Annapolis, Maryland, United States

ARINC, Inc. provides communications, engineering and integration solutions for commercial and government customers worldwide.

Buy $650M

Seller(S) 2

SELLER

CCMP Capital

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 18.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

CCMP Capital is a large private equity firm focused on buyout and growth equity valued up to $2 billion. Sectors of interest include consumer, retail, and services (specialty retail, direct marketing, consumer packaged goods); media/telecom (consumer and trade publishing, content and programming, broadcasting, cable, wireless and wire line communications ); industrial (chemicals, manufacturing, distribution, automotive); energy (exploration and production, power generation, renewable energy, services); and healthcare (services, pharmaceuticals, medical devices). The Firm's target investment size is $100 to $500 million. CCMP Capital Advisors was formed in 1984 and was spun off in 2006 from JP Morgan Chase. The Firm is based in New York City.


DEAL STATS #
Overall 34 of 78
Sector (Chemicals) 3 of 6
Type (Secondary Buyout) 8 of 23
State (Pennsylvania) 2 of 6
Country (United States) 30 of 61
Year (2007) 5 of 9
Size (of disclosed) 11 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-03 Klockner Pentaplast

Heiligenroth, Germany

Klockner Pentaplast is a producer of films for pharmaceutical, medical device, food, electronics, and general-purpose thermoform packaging, as well as printing and specialty applications. Klockner Pentaplast was founded in 1965 and is based in Heiligenroth, Germany.

Sell $1.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-23 Siteco

Stockport, United Kingdom

Siteco is a marketing leading European lighting fixtures group providing technical indoor and outdoor lighting solutions in the premium and medium product segments.

Sell -
SELLER

Arrowhead Investment Management

Greenwich, Connecticut, United States

Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1996
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Arrowhead Investment Management is a provider of subordinated debt, preferred stock and non-control common equity to mid-sized businesses. Arrowhead invests alongside private equity sponsors in acquisitions, buyouts, recapitalizations and growth capital transactions. Arrowhead is a generalist investor, however the Firm tends to focus on healthcare, packaging, chemicals, consumer products, industrial manufacturing, value-added distribution and business services. Arrowhead looks to commit $10 to $100 million in transactions valued up to $500 million. Arrowhead Investment Management was formed in 1996 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 12 of 24
Sector (Chemicals) 1 of 2
Type (Secondary Buyout) 6 of 14
State (Pennsylvania) 1 of 1
Country (United States) 12 of 24
Year (2007) 2 of 2
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-25 Edwin Watts Golf Shops

Fort Walton Beach, Florida, United States

Edwin Watts Golf Shops, LLC is a retailer of golf equipment, apparel and accessories. Founded in 1968, Edwin Watts markets its products through 59 company-owned stores located primarily in the Southeastern U.S.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-14 Kurt Versen

Westwood, New Jersey, United States

Kurt Versen Co. is a designer and manufacturer of high end specification-oriented, recessed downlighting for commercial applications.

Sell $100M