CCMP to buy 47% of PQ Corp.
CCMP Capital Advisors L.L.C., of New York City, said it had agreed to buy 47 percent of Malvern-based chemical maker PQ Corp. for an undisclosed payment. The deal leaves 53 percent of PQ still owned by the buyout giant Carlyle Group, PQ management, and chemical maker Ineos.
CCMP Capital Advisors L.L.C., of New York City, said it had agreed to buy 47 percent of Malvern-based chemical maker PQ Corp. for an undisclosed payment. The deal leaves 53 percent of PQ still owned by the buyout giant Carlyle Group, PQ management, and chemical maker Ineos.
CCMP helped fund an earlier management-led buyout of PQ, the onetime Philadelphia Quartz Corp., in 2005, and has since weighed various asset sales and other schemes to wring profit from the company's performance chemicals, catalysts, and glass-bead businesses and its energy, automotive, and industrial customers.
Amid the run-up in stock market values, Carlyle had considered an initial public stock offering for PQ this year. Carlyle is also considering an IPO or sale of the Philadelphia-based car-paint maker Axalta Corp., a DuPont Co. spin-off, according to Bloomberg News.
"We are excited to partner with CCMP again," PQ chief executive Mike Boyce said in a statement. "I believe their extensive experience and expertise in inorganic chemicals will add lasting value to PQ."
"We look forward to working with them again to help drive the company's next phase of growth as it expands its product set into new and existing end markets and geographies," added Tim Walsh, head of CCMP's industrial group.
CCMP owns a grab bag of businesses.
It is a major investor in Philadelphia-based Aramark, the cafeteria giant, and in Chapparal Energy, Jetro's Cash and Carry, and Ollie's Bargain Stores, among others. Carlyle is the main owner of Philadelphia Energy Solutions, Manor Care, and dozens of other large companies that as a group would rank with Comcast Corp. and Vanguard Group among Pennsylvania's largest private employers.