Corbion, one of the world's leading ingredients solutions providers, and Kingswood Capital Management, LP (“Kingswood”), a middle market private equity firm with extensive experience in corporate carve-outs, have announced the acquisition of Corbion's previously announced emulsifier business. completed the sale of.
Los Angeles-based Kingswood acquired the emulsifier business from Corbion for a cash purchase price of $362 million. Net cash proceeds after taxes and transaction costs are expected to be approximately $275 million. The deal includes transportation assets, as well as his two U.S.-based manufacturing plants and approximately 175 employees. Corbion and Kingswood have entered into a supply and service agreement to work together to enable a smooth transition and ensure customers continue to experience a high level of service.
“Kingswood is excited to move this world-class emulsifier business forward and build on its great tradition by continuing to provide superior service.” We are delighted to be creating a pure emulsifier business.'' Alex Wolff, Managing Partner of Kingswood, said:
“We are confident that the emulsifier business will be well managed under Kingswood’s management and will receive strong support from the new owners. I would like to thank them and wish them all the best in their future endeavors. We look forward to success in the coming years,” said Olivier Rigaud, CEO of Corbion.
Lazard is serving as financial advisor to Corbion and Stinson LLP is serving as legal advisor in connection with the transaction. Kirkland & Ellis is serving as legal advisor and Configuration Partners is serving as debt advisor to Kingswood.
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