Chemtrade acquires General Chemical

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Chemtrade Logistics Income Fund (“Chemtrade”) announced that it has entered into a definitive agreement to acquire Parsippany, New Jersey-based General Chemical Holding Company (“General Chemical”) for $860 million in cash, subject to certain adjustments as described below. The transaction will be structured as a merger in accordance with the laws of the State of Delaware pursuant to which Chemtrade will acquire all of the outstanding shares of ASP GT Holding Corp., General Chemical’s parent company, from certain funds controlled by American Securities LLC, a private equity firm.

“This is a historic event for Chemtrade. The acquisition of General Chemical adds significant size, scale and scope to Chemtrade’s existing product and service platform,” said Chemtrade President and Chief Executive Officer, Mark Davis. “General Chemical has strong portfolio alignment with our current business, enhancing our existing sulphuric acid geographic footprint and greatly expanding our water treatment business so it now extends across most of North America. The acquisition of General Chemical also moves Chemtrade into new but related product categories and end markets, and positions Chemtrade to capitalize on new growth opportunities.”

General Chemical is a North American manufacturer of a broad portfolio of inorganic chemical products with three business units: Water Treatment Chemicals, Sulphuric Acid and Specialty Chemicals. The business operates 45 facilities across the United States and Canada, and employs approximately 540 people. General Chemical serves a diverse customer base in a variety of end markets including municipal water treatment, general industrial production, pulp and paper, food and beverage, agriculture, and pharmaceuticals. No single customer accounted for more than 8% of total 2012 revenue. For the last twelve months ended September 30, 2013 (“LTM”), General Chemical generated total revenue of $390 million and Adjusted EBITDA of $110 million, resulting in an Adjusted EBITDA margin of 28%.

Chemtrade operates a diversified business providing industrial chemicals and services to customers in North America and around the world. Chemtrade is one of North America’s largest suppliers of sulphuric acid, liquid sulphur dioxide and sodium hydrosulphite, and a leading processor of spent acid. Chemtrade is also a leading regional supplier of sulphur, sodium chlorate, phosphorous pentasulphide, zinc oxide, and water treatment chemicals. Chemtrade also provides industrial services such as processing hydrogen sulphide and other by-products and waste streams.


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