Littlejohn & Co is to acquire Cornerstone Chemical Company, a global manufacturer of key intermediate chemicals for high-value industrial and consumer applications, from an affiliate of HIG Capital. Terms of the transaction have not been disclosed.
Headquartered in Waggaman, LA, with a 65-year heritage, Cornerstone is a producer of a wide-range of chemicals, including acrylonitrile, melamine, sulphuric acid and other products to a diverse set of customers in high-growth end-markets. The Company operates a state of the art 800-acre chemical complex, optimally located in the U.S. Gulf Coast with full transportation and logistics capabilities, long-term onsite partners and significant infrastructure for expansion. Cornerstone employs approximately 460 people across North America and Europe.
Drew Greenwood, a Principal at Littlejohn, says: “Cornerstone is a market leader with deep customer relationships, favourable industry dynamics and numerous growth opportunities. We are delighted to be partnering with Cornerstone and its strong management team as the Company accelerates its growth and expansion plans.”
Greg Zoglio, Cornerstone’s CEO, adds: “This is a very exciting new chapter for our company and a strong endorsement for Cornerstone and our highly talented workforce. We look forward to leveraging Littlejohn’s unique perspectives and industry insights in the years to come. We would also like to thank HIG for their partnership and support over the past six years.”
The transaction is subject to customary closing conditions and is expected to close in August 2017.
KeyBanc Capital Markets Inc. served as financial advisor to Cornerstone. Goldman Sachs is providing committed financing to Littlejohn.
