10 December 2018
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VIEW CAPA CAPROLACTONE FULL BROCHURE
DETAILS
Ingevity Corporation today announced
it has reached an agreement with
to acquire
the CapaTMcaprolactone division of Perstorp
in a cash transaction valued
at approximately €590 million
(approximately $675 million).
The acquisition is subject to certain regulatory approvals
and other customary closing conditions,
and Ingevity expects to close on the transaction late
in the first quarter of 2019.
Capa is the global market leader
in the production and commercialization of
* caprolactone
and high-value downstream derivatives, including
* caprolactone polyols,
* caprolactone thermoplastics,
* caprolactone lactides, and
* hexanediol (HDO).
The division’s products are key components in
adhesives, bioplastics, coatings,
elastomers and resins.
The business operates a manufacturing facility
in Warrington, England, U.K.,
and employs approximately 90 people.
Capa expects
* revenues of approximately €150 million
(approximately $175 million) and
* adjusted earnings before interest, taxes,
depreciation and amortization (EBITDA)
of approximately €50 million
(approximately $60 million)
for the 2018 fiscal year, representing
* adjusted EBITDA margins
in the mid-30s percent range.
The acquisition is expected to be immediately accretive
to Ingevity’s earnings in the first full year.
Ingevity will include the business
in the company’s
Performance Chemicals segment
and report revenues as “Engineered Polymers.
Ingevity will fund this transaction through
a combination of the company’s cash
and existing bank credit facility.
J.P. Morgan acted as financial advisor and
Eversheds Sutherland acted as legal counsel
to Ingevity
“The Capa division is a strong, market-leading business
focused on high-growth end-use applications,
and as such is a complementary fit
with Ingevity’s business model and capabilities,”
“Like our current businesses, Capa leverages
technology-focused relationships
to drive customer intimacy and employs
a similar manufacturing process and approach.
“We are very excited to be adding
such a unique business to our company;
one that will provide new avenues for strategic growth,”
“What’s more, Capa’s top-tier financial profile
and performance will drive value creation
to the benefit of our shareholders.”
Contact Info
Laura Woodcock
Manager, Public Relations
media@ingevity.com
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