HIG Capital sells Cornerstone Chemical Littlejohn

HIG Capital sells Cornerstone Chemical to Littlejohn

7:24 AM, 24th July 2017
HIG Capital logo

MIAMI, US: HIG Capital (HIG), a leading global private equity investment firm said that one of its affiliates has entered into a definitive agreement to sell its portfolio company, Cornerstone Chemical Company (Cornerstone), to an affiliate of Littlejohn & Co LLC (Littlejohn), a leading private investment firm. The transaction is expected to close in August 2017.

Strategically located on the Mississippi River, Cornerstone is a leading manufacturer of high-quality intermediate chemicals, including acrylonitrile, melamine, sulfuric acid, and other chemical products.

Cornerstone’s products are used in a wide variety of major end markets including fracking, building products, transportation, and other downstream chemicals with revenues exceeding $500M per year.

Since its carve-out from Cytec Industries in 2011, Cornerstone has focused on leveraging its North America petrochemical advantage to grow its global customer base and expand its product offering. In addition, Cornerstone successfully commissioned an $850 million ammonia plant together with an onsite partner in 2016.

“This is a very exciting new chapter for our company and a strong endorsement for Cornerstone and our highly talented workforce. HIG has been a highly value-added partner, helping us transform Cornerstone into a unique customer-driven platform with exciting growth opportunities ahead,” said Greg Zoglio, Cornerstone’s CEO.

“We have enjoyed working with the Cornerstone team to create a market-leading platform in intermediate chemicals. The Cornerstone team’s strategic vision and solid execution have resulted in an outstanding investment outcome and another success story for our growing chemicals practice. Cornerstone has a very bright future and we look forward to watching Greg and team achieve continued success in this next chapter,” added Keval Patel, managing director at HIG Capital.

KeyBanc Capital Markets Inc served as financial advisor to Cornerstone. Goldman Sachs is providing committed financing to Littlejohn.

© Worldofchemicals News 

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