NEW YORK and WILMINGTON, Del. and CHICAGO and RIYADH, Saudi Arabia, Feb. 1, 2021 /PRNewswire/ — A global non-public fairness consortium consisting of BroadPeak World LP (“BroadPeak World”), Asia Inexperienced Fund (“AGF”) and The Saudi Arabian Industrial Investments Firm (“Dussur”) (collectively, the “Group”) introduced right now that they’ve signed a definitive settlement whereby the Group will buy the Clear Applied sciences enterprise of DuPont de Nemours, Inc. (“DuPont”) (NYSE: DD) for $510 million in money. As a part of the transaction, Tensile Capital Administration LP is offering most popular fairness financing. The transaction is predicted to shut within the second quarter of 2021 topic to customary closing situations and regulatory approvals.
Since first producing sulfuric acid catalyst in 1925, DuPont Clear Applied sciences has develop into the worldwide chief in: superior catalyst and course of applied sciences to supply and regenerate sulfuric acid, hydroprocessing expertise to desulfurize motor fuels, alkylation expertise to supply clear gasoline and superior air air pollution management methods for refineries and chemical services. DuPont Clear Applied sciences additionally provides a complete suite of aftermarket companies and options. The Group and DuPont are working collectively to execute a seamless transition plan that can serve Clear Applied sciences and its international buyer base each reliably and safely.
Mr. Nadim Qureshi, Co-Founder and Managing Associate of BroadPeak World, mentioned, “DuPont Clear Applied sciences is a pacesetter within the sulfuric acid, alkylation and scrubbing sectors, with world-class merchandise and aftermarket companies. We’re excited to have this mission-critical enterprise in our portfolio. We intend to construct on this robust basis and additional broaden the enterprise with the assist of administration and our strategic companions.” “The worldwide make-up of the Group will act as a powerful complement to the worldwide operations of this main platform, and we’re desperate to work along with our fellow consortium members to drive the enterprise ahead,” added Stephen Toy, Co-Founder and Managing Associate of BroadPeak World LP.
Dr. Bo Bai, Asia Inexperienced Fund’s Chairman and CEO, mentioned, “The superior technological suite offered by DuPont Clear Applied sciences will play an instrumental function in serving to nations the world over and notably Asia Pacific deal with environmental points, push towards carbon neutrality, scale back air pollution from mining, oil refining, and chemical industries and improve gas high quality. AGF is happy to companion with a synergistic group of co-investors and a powerful administration group to additional the worldwide inexperienced affect of Clear Applied sciences.”
Dr. Raed Al-Rayes, Dussur’s CEO, mentioned, “The Clear Applied sciences enterprise established by DuPont has distinctive, environmentally centered, superior capabilities that current robust synergies with Saudi Arabia’s strategic industrial sectors. We’re excited to companion with a dynamic industrial consortium and assist broaden the enterprise’s footprint throughout our area and globally.”
Eli Ben-Shoshan, World Enterprise Director of DuPont Clear Applied sciences, and future CEO of the meant unbiased enterprise, mentioned, “I am extraordinarily pleased with the worldwide capabilities and deep experience of the DuPont Clear Applied sciences group. We imagine this transaction will additional strengthen our intensive international relationships to greatest serve our prospects all over the world, and I stay up for working with the consortium members to speed up our development.”
Credit score Suisse AG Singapore department offered dedicated debt financing for the transaction. Deutsche Financial institution Securities Inc. acted as sole M&A advisor to the Group. Kirkland & Ellis LLP offered authorized counsel to the Group, and Shearman & Sterling LLP and Squire Patton Boggs offered authorized counsel to Dussur. Centerview Companions LLC served as monetary advisor to DuPont, and Ballard Spahr LLP acted as authorized counsel to DuPont.
About BroadPeak World
BroadPeak World LP (“BroadPeak World”) is an unbiased non-public fairness agency devoted to opportunistic buyouts and particular conditions transactions within the international industrials, supplies and chemical substances sectors. BroadPeak World’s Co-Founders, Stephen Toy and Nadim Qureshi, beforehand served in numerous management roles at Invesco Non-public Capital and WL Ross & Co. and share a deep heritage of efficiently working and investing throughout a number of geographies. BroadPeak World is headquartered in New York Metropolis. Be taught extra at www.broadpeakglobal.com.
About Asia Inexperienced Fund
Asia Inexperienced Fund (“AGF”) is a non-public fairness agency, with roughly $2.0 billion in belongings beneath administration, that focuses on the industrials and enterprise companies sectors with a give attention to technology-enabled inexperienced affect investments. Based in 2016 as Asia’s pioneer in affect investing, AGF backs proficient entrepreneurs and administration groups as they commercialize revolutionary applied sciences with localized enterprise fashions, thus producing each engaging monetary returns for buyers in addition to a optimistic ESG affect on society. AGF’s participation on this transaction is being managed from its Chicago workplace. Be taught extra at www.asiagreenfund.com.
The Saudi Arabian Industrial Investments Firm (“Dussur”) is a strategic industrial funding agency that goals to ship most developmental affect on the Saudi Arabian financial system in step with Saudi Imaginative and prescient 2030. Dussur executes regional and worldwide industrial investments with world-class co-investors, creating worth for its companions and shareholders. Be taught extra at www.dussur.com.
About Tensile Capital Administration
Tensile Capital Administration (“Tensile”) is a San Francisco-based funding agency managing $1.6 billion in dedicated capital by way of an “evergreen” fund construction. Tensile seeks to generate superior risk-adjusted, after-tax returns by way of long-term investments in a concentrated portfolio of undervalued public securities and choose non-public companies. With respect to its non-public investments, Tensile’s capability to take a position all through the capital construction, flexibility in structuring minority investments and lively and collaborative partnerships with administration groups and boards of administrators can present distinctive options for enterprise homeowners. Be taught extra at www.tensilecapital.com.
DuPont de Nemours, Inc. (NYSE: DD) is a worldwide innovation chief with technology-based supplies, components and options that assist rework industries and on a regular basis life. Our workers apply numerous science and experience to assist prospects advance their greatest concepts and ship important improvements in key markets, together with electronics, transportation, building, water, well being and wellness, meals and employee security. Be taught extra at www.dupont.com and investors.dupont.com.
SOURCE BroadPeak World