NEW YORK and WILMINGTON,
Del. and CHICAGO and RIYADH, Saudi Arabia, Feb. 1, 2021 /PRNewswire/ -- An
international private equity consortium consisting of BroadPeak
Global LP ("BroadPeak Global"), Asia Green Fund ("AGF") and The
Saudi Arabian Industrial Investments Company ("Dussur")
(collectively, the "Group") announced today that they have signed a
definitive agreement whereby the Group will purchase the Clean
Technologies business of DuPont de Nemours, Inc. ("DuPont") (NYSE:
DD) for $510 million in cash. As part
of the transaction, Tensile Capital Management LP is providing
preferred equity financing. The transaction is expected to close in
the second quarter of 2021 subject to customary closing conditions
and regulatory approvals.
Since first producing sulfuric acid catalyst in 1925, DuPont
Clean Technologies has become the global leader in: advanced
catalyst and process technologies to produce and regenerate
sulfuric acid, hydroprocessing technology to desulfurize motor
fuels, alkylation technology to produce clean gasoline and advanced
air pollution control systems for refineries and chemical
facilities. DuPont Clean Technologies also offers a comprehensive
suite of aftermarket services and solutions. The Group and DuPont
are working together to execute a seamless transition plan that
will serve Clean Technologies and its global customer base both
reliably and safely.
Mr. 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."
Credit Suisse AG Singapore branch provided committed debt
financing for the transaction. Deutsche Bank Securities Inc. acted
as sole M&A advisor to the Group. Kirkland & Ellis LLP
provided legal counsel to the Group, and Shearman & Sterling
LLP and Squire Patton Boggs provided legal counsel to Dussur.
Centerview Partners LLC served as financial advisor to DuPont, and
Ballard Spahr LLP acted as legal counsel to DuPont.
About BroadPeak Global
BroadPeak Global LP
("BroadPeak Global") is an independent private equity firm
dedicated to opportunistic buyouts and special situations
transactions in the global industrials, materials and chemicals
sectors. BroadPeak Global's Co-Founders, Stephen Toy and Nadim Qureshi, previously
served in various leadership roles at Invesco Private Capital
and WL Ross & Co. and share a deep heritage of
successfully operating and investing across multiple
geographies. BroadPeak Global is headquartered in New York City. Learn more at
www.broadpeakglobal.com.
About Asia Green Fund
Asia Green Fund ("AGF") is a
private equity firm, with approximately $2.0
billion in assets under management, that specializes in the
industrials and business services sectors with a focus on
technology-enabled green impact investments. Founded in 2016 as
Asia's pioneer in impact
investing, AGF backs talented entrepreneurs and management teams as
they commercialize innovative technologies with localized business
models, thus generating both attractive financial returns for
investors as well as a positive ESG impact on society. AGF's
participation in this transaction is being managed from its
Chicago office. Learn more at
www.asiagreenfund.com.
About Dussur
The Saudi Arabian Industrial Investments
Company ("Dussur") is a strategic industrial investment firm that
aims to deliver maximum developmental impact on the Saudi Arabian
economy in line with Saudi Vision 2030. Dussur executes regional
and international industrial investments with world-class
co-investors, creating value for its partners and shareholders.
Learn more at www.dussur.com.
About Tensile Capital Management
Tensile Capital
Management ("Tensile") is a San
Francisco-based investment firm managing $1.6 billion in committed capital through an
"evergreen" fund structure. Tensile seeks to generate superior
risk-adjusted, after-tax returns through long-term investments in a
concentrated portfolio of undervalued public securities and select
private businesses. With respect to its private investments,
Tensile's ability to invest throughout the capital structure,
flexibility in structuring minority investments and active and
collaborative partnerships with management teams and boards of
directors can provide unique solutions for business owners. Learn
more at www.tensilecapital.com.
About DuPont
DuPont de Nemours, Inc. (NYSE: DD) is a
global innovation leader with technology-based materials,
ingredients and solutions that help transform industries and
everyday life. Our employees apply diverse science and expertise to
help customers advance their best ideas and deliver essential
innovations in key markets, including electronics, transportation,
construction, water, health and wellness, food and worker safety.
Learn more at www.dupont.com
and investors.dupont.com.
For further information, please visit www.broadpeakglobal.com or
contact info@broadpeakglobal.com.
View original
content:http://www.prnewswire.com/news-releases/international-private-equity-consortium-to-buy-dupont-clean-technologies-301218718.html
SOURCE BroadPeak Global