Solvay sells Eco Services business unit to CCMP Capital

Solvay has inked a binding agreement to sell its sulfuric acid virgin production and regeneration business Eco Services to affiliates of CCMP Capital Advisors LLC. The transaction terms correspond to an enterprise value of $ 890 million (Euro 660 million).
 
"The divestment of Eco Services is another step in Solvay's transformation aimed at achieving higher growth and greater returns. Eco Services has a market leading position and generates stable cash flows, but its business profile differs from Solvay's strategic ambitions. CCMP Capital is committed to working with the management team to make the investments necessary to support the long term growth of the business," said Jean-Pierre Clamadieu, CEO of Solvay.
 
CCMP specialises in middle market buyouts and growth equity investments of $100 million to $500 million in North America and Europe. CCMP's core strategy is to enhance the value of its portfolio companies through an active approach to operational transformation. With offices in New York, Houston and London, CCMP invests in four primary industries: Consumer/Retail, Industrial, Energy and Healthcare.
 
Solvay had announced in February that it was exploring strategic options for Eco Services.