M&A Deal Summary

Littlejohn Acquires Cornerstone Chemical

On July 20, 2017, private equity firm Littlejohn acquired chemicals company Cornerstone Chemical from H.I.G. Private Equity

Acquisition Highlights
  • This is Littlejohn’s 2nd transaction in the Chemicals sector.
  • This is Littlejohn’s 42nd transaction in the United States.
  • This is Littlejohn’s 1st transaction in Louisiana.

M&A Deal Summary
Date 2017-07-20
Target Cornerstone Chemical
Sector Chemicals
Buyer(s) Littlejohn
Sellers(s) H.I.G. Private Equity
Deal Type Secondary Buyout
Advisor(s) KeyBanc Capital Markets (Financial)

Target

Cornerstone Chemical

Waggaman, Louisiana, United States
Cornerstone Chemicals is a producer of a group of high-value intermediate chemicals, including acrylonitrile, melamine, sulfuric acid and diesel exhaust fluid. The company manufactures its products in multiple plants on its owned and highly-integrated 800-acre chemical complex. Cornerstone Chemical was established in 1952 and is headquartered in Waggaman, Louisiana.

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Buyer(S) 1

Buyer

Littlejohn

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 7.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Littlejohn is a private equity firm that makes control investments in mid-sized companies undergoing change; either in capital structure, strategy, operations, or growth. Littlejohn looks to commit $50 to $250 million of equity, mezzanine, or credit capital in companies with annual revenues of $100 to $800 million. Sectors of interest include industrial equipment, packaging, chemicals, automotive and transportation parts and equipment, food and food processing, healthcare, plastics, aerospace/defense, distribution, environmental and infrastructure services, and consumer products. The Firm avoids investing in real estate, fashion, retail, and businesses engaged in high technology. Littlejohn prefers opportunities located in the US, but also considers opportunities in Europe and Canada. Littlejohn was formed in 1996 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 46 of 64
Sector (Chemicals) 2 of 2
Type (Secondary Buyout) 18 of 29
State (Louisiana) 1 of 1
Country (United States) 42 of 60
Year (2017) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-10 Total Safety

Houston, Texas, United States

Total Safety is a provider of integrated safety and compliance services and the products necessary to support them, including gas detection, respiratory protection, safety training, fire protection, compliance and inspection, comprehensive flare services, industrial hygiene, onsite emergency medical treatment/paramedics, communications systems, engineered systems design, and materials management. Total Safety is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-06 Newgistics

Austin, Texas, United States

Newgistics, Inc. is a provider of e-commerce solutions and services for brands and retailers. Newgistics offers digital commerce development, deep analytics, relationship management, systems integration, fulfillment, parcel delivery and returns management, provide retailers and brands with a modern approach to enriching the customer journey. Newgistics, Inc. was founded in 1999 and is headquartered in Austin, Texas.

Sell $475M

Seller(S) 1

SELLER

H.I.G. Private Equity

Miami, Florida, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HIG Private Equity is the private equity arm of HIG Capital LLC. The firm focuses on management buyouts, growth equity investments, and recapitalizations of middle market companies with an enterprise value of $50 - $1000 million. The Firm also will consider add-on acquisitions, industry consolidations, going-privates, and corporate divestitures. Sectors of interest include aerospace, building materials, business services, consumer products, distribution, healthcare, infrastructure, contracting, manufacturing, media, oil & gas services, IT, and transportation. HIG was formed in 1993 and has offices in Miami, Atlanta, Boston, and San Francisco. HIG's European affiliate is HIG Europe with offices in London, Hamburg, and Paris.

DEAL STATS #
Overall 89 of 176
Sector (Chemicals) 3 of 10
Type (Secondary Buyout) 35 of 71
State (Louisiana) 1 of 1
Country (United States) 68 of 121
Year (2017) 10 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-17 Albertville Quality Foods

Albertville, Alabama, United States

Albertville Quality Foods, Inc. is a processor of poultry, producing frozen chicken tenders. Albertville Quality Foods was founded in 1962 and is based in Albertville, Alabama.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-17 Fidelity

Brooklyn, New York, United States

Fidelity is a provider of tech-enabled payment processing solutions to small- and medium-sized businesses (“SMBs”) across the U.S. and Canada. Fidelity utilizes a tailored, merchant-centric approach that provides customers with industry-leading support and service while Fidelity’s technology and interchange optimization expertise enable more consistent, and in most cases lower, overall processing costs. Fidelity was founded in 1996 and is based in Brooklyn, New York.

Buy -
Mergr

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