 "Edgewater Capital buys BASF's inorganic specialties business")
Edgewater Capital Partners LP - the Cleveland (USA) based sector focused private equity firm investing in lower, middle-market performance materials businesses – has signed an agreement to acquire BASF’s inorganic specialties business for an undisclosed amount.
Inorganic specialties includes the Evans City (Pennsylvania, USA) production site and the specialty alcoholates, boranes and alkali metals product lines which are produced at the site. The transaction is expected to be completed in the first quarter 2017, subject to regulatory approval and other customary closing conditions.
“BASF will continue to meet all of its obligations to customers, suppliers and employees through the transition of the business to Edgewater. Serving our customers will continue to be a key focus, and safety and quality remain core values,” said Heidi Alderman, senior vice president of BASF’s intermediates business in North America.
The New Jersey-headquartered BASF Corporation, the North American affiliate of German chemicals giant BASF SE, has nearly 17,500 employees in North America, and had sales of $ 17.4 billion in 2015.
Robert Girton, principal, Edgewater Capital, added, “We are excited to have the inorganic specialties business join the Edgewater family. The business’ broad portfolio of products critical to chemical synthesis, depth and tradition in research and development, strong commitment to environmental, health and safety systems, and the unique capabilities of the site make it the global leader in reagent technology. We are eager to build on this platform and in partnering with the significant expertise of the inorganic specialties team.”
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