Gyrus signs first deal with DowDuPont carve-out

Formal completion is expected during the summer and although financial terms of the deal have not been disclosed, it is understood that the operation has initially been fully funded by equity from the 'mini-fund' that the Gyrus Capital team raised from a small group of institutional investors during the latter part of 2018.

This approach was necessary, according to a source close to the deal, because of the complexity of the situation: DuPont Sustainable Solutions (DSS) was the internal consulting division of the DowDuPont Specialty Products business and as such requires a full carve-out from its parent. Following the deal, more than two dozen new company structures are being formed to accommodate the newly-independent business and to house the group’s 600 staff in a number of locations around the world.

The deal was sourced off-market by the Gyrus team, which has had a long-standing relationship with the DSS management, and forms part of DowDuPont’s wide-ranging programme of restructuring that began with the business’s merger with chemical giant Dow in 2017.

It is likely that DSS, which will retain the brand and connection to its legacy DuPont heritage, will look to grow by acquisition, especially in the environmental sustainability area, as well as organically.

Company
Founded more than 50 years ago, Dupont Sustainable Solutions is a consultancy businesses focusing on operations risk management and operational improvements in the environmental health and safety area.

Headquartered in Geneva and with a presence in 35 countries, the company employs 600 consultants directly and a further 700-800 on a contract basis. It provides its consultancy services to clients in a wide range of industries including oil & gas, chemicals, petrochemicals, building & construction, food & beverage, mining & metals, utilities and transportation.

People
Gyrus Capital – Guy Semmens (founding partner), Robert Watson (founding partner)

Advisers
Equity - Lenz & Staehelin (legal); Weil Gotshal (legal); Carey Olsen (legal); Deloitte (financial due diligence).

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