Kingswood Capital Management, LP has acquired Corbion’s emulsifiers business for a cash purchase price of $362M. The transaction includes two US-based manufacturing plants and around 175 employees. After accounting for taxes and transaction costs, the expected net cash proceeds are approximately $275M.
The sale of the emulsifiers business was announced earlier, and now Kingswood, a private equity firm based in Los Angeles with expertise in corporate carve-outs, has successfully completed the deal. The acquisition is expected to help Kingswood build on the emulsifiers business’ reputation and create the largest standalone pure-play emulsifiers business in North America by leveraging its heritage.
Kingswood expressed excitement about their acquisition, looking forward to providing strong support for the business and upholding its exceptional service standards. They will collaborate with Corbion through supply and service agreements to ensure a smooth transition and continued high-quality service for customers.
Alex Wolf, Managing Partner at Kingswood, expressed confidence in the future of the emulsifiers business under their ownership. He thanked CEO Olivier Rigaud for his hard work in developing the business and wished him success in his future endeavors. Rigaud thanked his colleagues at Corbion for their efforts in building such a strong business that could be acquired by a reputable company like Kingswood Capital Management.
Lazard provided financial advisory services to Corbion during this transaction while Stinson LLP served as legal counsel to Corbion. For Kingswood Capital Management, Kirkland & Ellis offered legal counsel, and Configure Partners acted as the debt advisor. The strategic partnership between Corbion and Kingswood aims to ensure a seamless transition and continued success for the emulsifiers business.
In summary, Corbion has successfully sold its emulsifiers business to Kingswood Capital Management for $362M cash purchase price after accounting for taxes and transaction costs. The sale includes two US-based manufacturing plants and around 175 employees, resulting in an estimated net cash proceeds of $275M. The partnership between these two companies aims to provide strong support for the emulsifiers business while ensuring a smooth transition that maintains high-quality service standards for customers.
