M&As: Lone Star completes AOC buy; Milliken scquires Encapsys

Supplier of specialty resins and solutions AOC says that private equity firm Lone Star Fund XI has completed the acquisition of the company’s shares from compatriot private equity firm CVC Capital Partners. Terms were not disclosed. After consultation with AOC workers' councils, and approval of relevant regulatory authorities, the transaction has now been completed.

AOC is a global manufacturer of unsaturated polyester resins, vinyl ester resins, and other solutions for applications in Coatings & Protective Barriers, Colorants & Visual Effects, Adhesives, and Conventional Composite Resins. After the transaction, the company will continue to operate under the AOC name, managing multiple production facilities in North America, Europe, and Asia.

“Lone Star appreciates AOC’s approach to value-add product delivery, and the company aligns well with Lone Star’s portfolio of specialty chemical and manufacturing businesses,” said Donald Quintin, President, Opportunity Funds, Lone Star. “We look forward to working with the AOC team as the company continues to execute its growth strategy.”

Lone Star is a leading private equity firm advising funds that invest globally in real estate, equity, credit and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organised 21 private equity funds with aggregate capital commitments totalling approximately US$85 billion.

In other news, materials firm Milliken & Company has formally acquired microencapsulation provider Encapsys from the Cypress Performance Group. Terms were not disclosed.

Headquartered in Appleton, Wisconsin, Encapsys provides microencapsulation technologies, which put a uniform polymeric shell around a core material at the micron level to create capsules. Microencapsulation has applications across industries and helps companies achieve more sustainable products by advancing responsible consumption and efficient delivery of active materials.

“Moving the needle on sustainability requires big thinking and powerful collaborations. We’re thrilled to welcome Encapsys to Milliken,” said Halsey Cook, President/CEO for Milliken & Company. “Encapsys’s expertise coupled with our ability to scale will propel our efforts to deliver sustainable innovations for our customers."

As Encapsys integrates into Milliken, daily operations will continue without interruption, including relationships with existing suppliers and customers.

“Encapsys associates are excited to become a member of the Milliken team and welcome a world-class organization to Northeast Wisconsin,” stated Mary Goggans, President of Encapsys. “Our culture and values are a perfect fit, and we look forward to leveraging Milliken’s global capabilities to accelerate innovation and growth.”

(PRA)

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