One Rock Capital Partners to acquire Nexeo’s Plastics Distribution Business
Global chemical and ingredients distributor Univar, Inc. (Downers Grove, IL – United States) and global chemicals and plastics distributor Nexeo Solutions, Inc. (The Woodlands, TX – United States) announced on Friday that they have reached a definitive agreement for Nexeo Solutions to divest its plastics distribution business (“Nexeo Plastics”) to an affiliate of One Rock Capital Partners, LLC [“One Rock”] (New York, NY- United States). The transaction, which has an underlying enterprise value of USD 640 mn (subject to closing adjustments), is expected to be completed during the first half of 2019.
The divestment has been approved by the Board od Director of both, Univar and Nexeo Solutions. Closing is subject to receiving regulatory approvals and the satisfaction of other customary closing conditions , including the closing of Univar’s acquisition of Nexeo Solutions. The expected net cash proceeds of ca. USD 615 mn will be used to pay down debt, the joint statement said.
Source: Univar / Nexeo press release
HGE – DCG / 11.02.2019
