M&As: Nexeo sells plastics business to One Rock for US$640 mn; Chroma Color buys Polymer Concentrates

RPC Group in takeover bid

Nexeo Plastics, a global distributor of a broad range of plastics products, including polymer products and engineering resins, to plastics processors in more than 60 countries worldwide, is being sold to an affiliate of investment firm One Rock Capital Partners for an enterprise value of US$640 million, subject to customary closing adjustments.

The transaction is expected to close in the first half of 2019; and net proceeds will be used to immediately pay down debt.

The deal follows Nexeo’s pending acquisition by chemical firm Univar Inc. for US$2 billion, which was announced last year.

One Rock Managing Partner Tony Lee commented, "We are excited about the opportunity to create a standalone plastics distribution business and invest in growth by deepening its relationships with customers and supplier partners. We look forward to collaborating with Nexeo Plastics' management team to achieve the full potential of the business."

In other news, specialty colour and additive concentrate supplier Chroma Color Corporation has acquired Polymer Concentrates Inc., based in Clinton, MA. With this latest acquisition, Chroma Color says it continues to grow its manufacturing footprint along with its suite of colourant and additive technologies to better serve existing and prospective customers. Terms of the transaction were not disclosed.

Polymer Concentrates Inc., a privately-held company, develops and manufactures colour concentrates for the international plastics industry. Over the past five decades, Polymer Concentrates Inc. has forged deep relationships with a wide range of customers in the automotive, communication technology, wire-cable, housewares, netting, packaging, and other specialty industries.

“We were very excited when we saw the opportunity to add Polymer Concentrates Inc. to the Chroma family,” stated Tom Bolger, CEO, Chroma Color Corporation. “The company has a solid reputation in the marketplace and its’ facility is very close to our plant in Leominster, MA. Chroma Color and Polymer Concentrates have complimentary product lines, but distinctly different customer bases that makes this acquisition very attractive allowing us to offer a broader suite of products to the customers of both the legacy Chroma and PCI.”


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