As part of the transaction, Tensile Capital Management LP is providing preferred equity financing. The transaction is expected to close in 2Q21 subject to customary closing conditions and regulatory approvals.
Nadim Qureshi, Co-Founder and Managing Partner of BroadPeak Global, said: "DuPont Clean Technologies is a leader in the sulfuric acid, alkylation and scrubbing sectors, with world-class products and aftermarket services. We are excited to have this mission-critical business in our portfolio. We intend to build on this strong foundation and further expand the business with the support of management and our strategic partners." "The international makeup of the Group will act as a strong complement to the global operations of this leading platform, and we are eager to work together with our fellow consortium members to drive the business forward," added Stephen Toy, Co-Founder and Managing Partner of BroadPeak Global LP.
Dr. Bo Bai, Asia Green Fund's Chairman and CEO, said: "The superior technological suite provided by DuPont Clean Technologies will play an instrumental role in helping countries across the world and particularly Asia Pacific tackle environmental issues, push toward carbon neutrality, reduce pollution from mining, oil refining, and chemical industries and upgrade fuel quality. AGF is excited to partner with a synergistic group of co-investors and a strong management team to further the global green impact of Clean Technologies."
Dr. Raed Al-Rayes, Dussur's CEO, said: "The Clean Technologies business established by DuPont has unique, environmentally focused, advanced capabilities that present strong synergies with Saudi Arabia's strategic industrial sectors. We are excited to partner with a dynamic industrial consortium and help expand the business's footprint across our region and globally."
Eli Ben-Shoshan, Global Business Director of DuPont Clean Technologies, and future CEO of the intended independent business, said: "I'm extremely proud of the global capabilities and deep expertise of the DuPont Clean Technologies team. We believe this transaction will further strengthen our extensive global relationships to best serve our customers around the world, and I look forward to working with the consortium members to accelerate our growth."
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/03022021/international-private-equity-consortium-to-buy-dupont-clean-technologies-for-us510-million/