Rhone Capital buys ASK Chemicals

ASK's enterprise value, before debt and assumed liabilities, stands at €257m. Total pre-tax returns amount to approximately €149m, split evenly between the two vendors under the terms of the 50/50 joint venture. Cash proceeds will total €128m, while €21m will be in the form of a buyer's note. ASK generated revenues of €513m in 2013.

The transaction is subject to regulatory approval, but is expected to complete during Q3 2014. The sale is part of a portfolio readjustment for both Clariant and Ashland, which are both looking to focus on their core businesses.

Company
Headquartered in Hilden, west Germany, ASK employs 1,800 people in 25 countries. The foundry chemicals manufacturer has a portfolio of resources, including binders, coatings, feeders, filters and release agents, as well as metallurgical products such as inoculants, inoculation wires and master alloys for iron casting.

The company was founded in 2010.

People
Hariolf Cottman is CEO of Clariant. James J O'Brien is chairman and CEO of Ashland. Stefan Sommer is CEO of ASK.

Advisers
Equity - White & Case, Ian Bagshaw (Legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• DACH
• Industrials
• Buyouts
• Germany
• Rhone Capital