by Marlene Givant Star, Bhavna Kaul and Sam Weirsberg
PeroxyChem, a One Equity Partners-backed producer of hydrogen peroxide, persulfate and peracetic acid, is exploring a sale in a process that has moved past management presentations, according to two sources briefed on the situation.
H.I.G. Capital is among the private equity firms that have looked at the Philadelphia-based business, the sources said. Management presentations for potential suitors ended weeks ago, they added. A third source briefed on the matter said final bids are due shortly for PeroxyChem.
Two of the sources said Barclays is running the sale process and that the company has USD 20m-USD 30m in EBITDA.
One Equity and Barclays declined to comment. PeroxyChem and H.I.G. did not return calls seeking comment.
FMC [NYSE:FMC] sold its peroxygen business to One Equity in 2014 for around USD 200m, according to a press release. Citi advised on the deal and Macquarie Capital arranged debt for the carve-out.
A year later, Evonik Industries [ETR:EVK], a Germany-based specialty chemicals group, acquired PeroxyChem’s Netherlands-based business for an unspecified amount.
The company still has locations in Spain, Germany, Mexico, New York, Tennessee, Texas, British Columbia, Canada, the Philippines, Thailand and China.
As seen in the mergermarket, an Acuris company, newsletter on17/09/2018