Ardian, a private investment firm, announced that it has acquired a 50% ownership stake in Angus Chemical Company from Golden Gate Capital at a total enterprise value of approximately $2.25 billion.
Golden Gate Capital, which initially acquired Angus in February 2015 from The Dow Chemical Company, will retain a 50% stake in Angus.
Additional terms of the transaction were not disclosed.
Dave Thomas, a Managing Director at Golden Gate Capital, said, “Since our initial investment, Angus has driven exceptional growth and strengthened its global business through significant investments in the Company’s life sciences and personal care business segments, including major capacity expansions and the buildout of innovation and sales capabilities. These investments have enabled Angus’ transformation into a high-growth organization. With this strong foundation in place, we look forward to supporting Angus’ continued growth alongside Ardian.”
David Neuberger, President of Angus, said, “Over the course of our five-year relationship with Golden Gate Capital, we established Angus as an independent company; transformed our business into a stable, consumer-focused organization; increased our capacity for key chemistries like TRIS AMINO tromethamine; and enabled our customers’ own growth plans. The management team is excited to have the combined support of Ardian and Golden Gate Capital. We are confident that they share our strategic vision as we accelerate the growth of our innovative, high-demand chemistries.”
Christopher Sand, Director at Ardian Buyout added, “Over the last five years, Angus has prospered. Angus’ highly-regarded management team, unique product set, resilience, and growth prospects – both organic and via acquisition – makes it an ideal investment for Ardian, and we look forward to partnering with Golden Gate Capital.”
The transaction is expected to close by the end of 2020.
With seven offices in Europe and America, Ardian’s global Buyout team acquires high-quality mid and large-cap companies across Western Europe and North America, applying transformational and multi-cultural buy-and-build strategies which enable portfolio companies to become global leaders in their respective sectors.
Citi and Guggenheim Securities LLC are serving as financial advisors to Ardian and Latham & Watkins is serving as the firm’s legal advisor.
Morgan Stanley & Co. LLC and JPMorgan Securities LLC are serving as financial advisors to Golden Gate Capital and Kirkland & Ellis LLP and Nob Hill Law Group, P.C. are serving as the firm’s legal advisors.
Founded in 1935, Angus is the world’s only company dedicated to the manufacture and distribution of nitroalkanes and their derivatives. Through its proprietary technology, the Company produces a unique portfolio of specialty additives and high-performance intermediates, which help customers deliver enhanced product and process performance across a wide range of applications in life sciences, personal care and high-growth industrial markets.
In addition, Angus’ solutions are widely used in applications to help combat the spread of COVID-19, including high-alcohol hand sanitizer gels, diagnostic kits, antibody treatments and vaccines.