M&A Deal Summary

Cerberus Capital Management and Koch Industries Acquire PQ Performance Chemicals

On March 1, 2021, asset manager Cerberus Capital Management and Koch Industries acquired chemicals company PQ Performance Chemicals from Ecovyst for 1.1B USD

Acquisition Highlights
  • This is Cerberus Capital Management’s 2nd and Koch Industries’ 1st transaction in the Chemicals sector.
  • This is Cerberus Capital Management’s 5th and Koch Industries’ 6th largest (disclosed) transaction.
  • This is Cerberus Capital Management’s 54th and Koch Industries’ 9th transaction in the United States.
  • This is Cerberus Capital Management’s 3rd and Koch Industries’ 1st transaction in Pennsylvania.

M&A Deal Summary
Date 2021-03-01
Target PQ Performance Chemicals
Sector Chemicals
Buyer(s) Cerberus Capital Management
Koch Industries
Sellers(s) Ecovyst
Deal Type Divestiture
Deal Value 1.1B USD

Target

PQ Performance Chemicals

Malvern, Pennsylvania, United States
PQ Performance Chemicals is a global supplier of silicate and derivative products that serve as environmentally friendly substitutes for materials used in a variety of applications. These include end uses such as matting agents in surface coatings, clarifying agents for edible oils and beverages, additives to paints and coatings for thermal insulation, and sensory particles in personal care products to improve feel attributes.

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Buyer(S) 2

Buyer

Cerberus Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1992
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cerberus Capital Management is a private investment firm that targets a wide range of global investments. Cerberus primarily looks for undervalued or distressed situations. Industry sectors of interest include aerospace and defense, apparel, automotive and industrial, building products, commercial services, consumer and retail, financial services, healthcare, manufacturing and distribution, paper, packaging, and printing, real estate, technology, telecommunications, transportation, and travel. In addition to private equity investing, Cerberus also provides corporate credit and acquires real estate. Cerberus was formed in 1992 by Steve Feinberg and is based in New York City.

DEAL STATS #
Overall 77 of 87
Sector (Chemicals) 2 of 2
Type (Divestiture) 13 of 14
State (Pennsylvania) 3 of 4
Country (United States) 54 of 63
Year (2021) 2 of 7
Size (of disclosed) 5 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-22 ABC Technologies

Toronto, Ontario, Canada

ABC Technologies is a full-service automotive supplier of blow molded and injection molded thermoplastic components and systems including: center consoles, spoilers, bumper systems, HVAC ducts, filters, fluid reservoirs, and other parts. ABC Technologies was founded in 1974 and is based in Toronto, Ontario.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-01 Red River

Claremont, New Hampshire, United States

Red River is an operator of a technology integrator. The company’s technology expertise and mission-critical experience help its customers optimize their business processes and enhance the value of their technology investments. Red River was founded in 1995 and is based in Claremont, New Hampshire.

Buy -
Buyer

Koch Industries

Wichita, Kansas, United States
Category Company
Founded 1940
Sector Diversified
Employees60,000
Revenue 115.0B USD (2012)
DESCRIPTION

Koch Industries owns a diverse group of companies engaged in refining and chemicals; fibers and polymers; commodity and financial trading; and forest and consumer products. Koch Industries was formed in 1940 and is based in Wichita, Kansas.

DEAL STATS #
Overall 11 of 14
Sector (Chemicals) 1 of 1
Type (Divestiture) 1 of 1
State (Pennsylvania) 1 of 1
Country (United States) 9 of 12
Year (2021) 1 of 3
Size (of disclosed) 6 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-19 DarkVision Technologies

North Vancouver, British Columbia, Canada

DarkVision Technologies is a high-tech industrial imaging company specializes in proprietary acoustic-based imaging solutions for industry, with engineering teams that develop the entire technology stack in-house, including sensors, hardware, electronics, and software. Its initial product-line, HADES™, is an award-winning solution used by dozens of operators in the US and Canada to inspect, evaluate, and assess their wells and other upstream assets. DarkVision Technologies was formed in 2013 and is based in North Vancouver, British Columbia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-01 Transaction Network Services

Reston, Virginia, United States

Transaction Network Services is a provider of fast, reliable data communications services for transaction-oriented applications. TNS combines innovation, advanced technology, and industry expertise to provide a range of authorization and communications solutions to support the credit card and ATM transaction processing industry. The Company also provides secure and highly reliable data network services to the telecommunications and securities industries. Transaction Network Services was formed in 1990 and is based in Reston, Virginia.

Buy -

Seller(S) 1

SELLER

Ecovyst

Malvern, Pennsylvania, United States
Category Company
Sector Chemicals
Employees911
Revenue 691M USD (2023)
DESCRIPTION

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.

DEAL STATS #
Overall 2 of 2
Sector (Chemicals) 1 of 1
Type (Divestiture) 2 of 2
State (Pennsylvania) 2 of 2
Country (United States) 2 of 2
Year (2021) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-15 Potters

Malvern, Pennsylvania, United States

Potters is a global manufacturer of engineered glass materials. Potters offers glass microspheres serving government agencies, highway and road maintenance contractors as well as automotive, construction, mining, personal care, medical and other industrial end markets. Potters is the largest worldwide producer of highway safety marking glass beads, which add reflectivity to road markings to make them more visible to drivers and comply with government-mandated safety regulations. Potters was founded in 1914 and is based in Malvern, Pennsylvania.

Sell $650M
Mergr

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