M&A Deal Summary

The Lubrizol Acquires Noveon International

On June 1, 2004, The Lubrizol acquired chemicals company Noveon International from AEA Investors, MidOcean Partners and aPriori Capital Partners for 1.8B USD

Acquisition Highlights
  • This is The Lubrizol’s 1st transaction in the Chemicals sector.
  • This is The Lubrizol’s largest (disclosed) transaction.
  • This is The Lubrizol’s 3rd transaction in the United States.
  • This is The Lubrizol’s 1st transaction in Ohio.

M&A Deal Summary
Date 2004-06-01
Target Noveon International
Sector Chemicals
Buyer(s) The Lubrizol
Sellers(s) AEA Investors
MidOcean Partners
aPriori Capital Partners
Deal Type Add-on Acquisition
Deal Value 1.8B USD

Target

Noveon International

Cleveland, Ohio, United States
Noveon International, Inc is a global developer, producer, and marketer of technologically advanced specialty chemicals for a broad range of consumer and industrial applications.

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Buyer(S) 1

Buyer

The Lubrizol

Wickliffe, Ohio, United States
Category Company
Founded 1928
Sector Chemicals
Employees7,000
Revenue 5.4B USD (2010)
DESCRIPTION

The Lubrizol Corporation is a specialty chemical company that produces and supplies technologies to customers in the global transportation, industrial and consumer markets. These technologies include lubricant additives for engine oils, other transportation-related fluids and industrial lubricants, as well as fuel additives for gasoline and diesel fuel. In addition, Lubrizol makes ingredients and additives for personal care products and pharmaceuticals; specialty materials, including plastics technology and performance coatings in the form of specialty resins and additives.

DEAL STATS #
Overall 3 of 15
Sector (Chemicals) 1 of 8
Type (Add-on Acquisition) 3 of 14
State (Ohio) 1 of 1
Country (United States) 3 of 7
Year (2004) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1995-05-01 Plastic Additives - Lubrizol

Wickliffe, Ohio, United States

Plastic Additives - Lubrizol Corp. is a producer and marketer of metal-based specialty chemicals.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-29 Engine Control Systems

Thornhill, Ontario, Canada

Engine Control Systems Limited is a environmental company specializing in the design and manufacturing of verified exhaust treatment solutions. Globally, we offer a full range of products for OEM, Aftermarket and retrofit markets for the reduction of exhaust emissions of on-road, off-road and stationary diesel, gasoline and alternative fuel engines including propane and natural gas.

Sell -

Seller(S) 3

SELLER

AEA Investors

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1968
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

AEA Investors is a private investment firm focused on investing in and acquiring businesses headquartered primarily in the US, Europe, and China. AEA looks for companies operating in stable to growing industries with a proven ability to generate positive cash-flow. Broad sectors of interest include value-added industrial products/services, specialty chemicals, consumer products, and services. In addition to its primary middle-market private equity fund, AEA maintains additional funds targeted towards mezzanine financing, senior secured debt, and small business buyouts. AEA Investors was formed in 1968 and is based in New York City.

DEAL STATS #
Overall 6 of 78
Sector (Chemicals) 1 of 6
Type (Add-on Acquisition) 3 of 25
State (Ohio) 2 of 4
Country (United States) 6 of 71
Year (2004) 2 of 4
Size (of disclosed) 3 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-04-21 Leiner Health Products

Carson, California, United States

Leiner Health Products, Inc. is a manufacturer and marketer of vitamins, minerals and nutritional supplements and over the counter ('OTC') pharmaceuticals.

Sell USD650M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-01 CFS-Dixie Flexibles

Kempten, Germany

Leading manufacturer of premium roofing and roof maintenance products. Henry also manufactures complete lines of driveways coatings, commercial specialty products and building envelope systems

Buy -
SELLER

MidOcean Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2003
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

MidOcean Partners is a private equity firm focused on acquiring controlling interests in middle-market companies throughout North America. The Firm has a preference for consumer and business services sectors including automotive, food/beverage, retail, consumer products, information services, infrastructure services, training and more. MidOcean seeks opportunities valued between $150 and $750 million where it can commit $75 to $300 million. In addition to investing equity, MidOcean also looks to provide flexible credit solutions as well. MidOcean Partners was formed in 2003 and is based in New York, New York.

DEAL STATS #
Overall 3 of 36
Sector (Chemicals) 1 of 1
Type (Add-on Acquisition) 2 of 18
State (Ohio) 1 of 2
Country (United States) 2 of 31
Year (2004) 2 of 3
Size (of disclosed) 3 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-05-01 Thompson Publishing Group

Washington, District of Columbia, United States

Thompson Publishing Group is one of the foremost professional publishers of information on complex laws and regulatory mandates. With more than 350 publications and approximately 140,000 subscribers, Thompson serves professionals primarily in the human resource, healthcare and banking fields via subscription-based handbooks, newsletters, reference services, single-issue publications, and the internet.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-01 Jostens

Minneapolis, Minnesota, United States

Jostens is a producer of school-related affinity products, including yearbooks, class rings, announcements and accessories, diplomas, caps and gowns and school photography. Jostens' products celebrate important moments and recognize achievements in high schools, colleges and middle schools and the Company is also a leading provider of products to athletic chmiampions and their fans.

Sell -
SELLER

aPriori Capital Partners

Investor Investor Investor

Category Private Equity Firm
Founded 1985
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

aPriori Capital Partners (formerly DLJ Merchant Banking Partners) is a middle-market private equity firm focused on middle-market buyouts in the US and Europe. Sectors of interest include healthcare, retail, consumer, energy, business services, and industrial. aPriori was originally established in 1985 and has offices in New York and Los Angeles.

DEAL STATS #
Overall 8 of 51
Sector (Chemicals) 1 of 2
Type (Add-on Acquisition) 3 of 22
State (Ohio) 2 of 2
Country (United States) 7 of 38
Year (2004) 2 of 3
Size (of disclosed) 8 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-06-01 Grohe Deutschland Vertriebs

Deutschland, Germany

Grohe Deutschland Vertriebs GmbH is a manufacturers of sanitary fittings (taps, faucets and showers), offering a broad range of products for handling water in bathrooms and kitchens.

Buy €885M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-09-23 MGM

Beverly Hills, California, United States

MGM is an entertainment company focused on the production and global distribution of film and television content across all platforms. The company owns one of the world’s deepest libraries of premium film and television content.

Buy $3.6B
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