New-York based firm CCMP Capital Advisors has acquired the Eco Services business unit from Belgian-headquartered chemical group Solvay for $890 million.
Eco Services recycles spent sulphuric acid for continuous supply to the oil refining industry, and manufactures virgin acid products for mining, water treatment and other chemical processes.
“We look forward to applying our deep investment and operating experience with inorganic chemicals companies and corporate carve-outs to support Eco Services’ long term success,” said Tim Walsh, a managing director of CCMP, in a statement.
This year has been a busy one for CCMP. Back in May, the firm acquired a majority stake in the Hillman Companies from Oak Hill Partners for $1.48 billion. Hillman sells a variety of hardware goods, locks, and keys through retailers like Home Depot and Walmart.
CCMP has also been actively divesting portfolio companies. It sold Spanish cable broadband service provider Ono to Vodafone for £6 billion (€7.2 billion, $10 billion), which it had owned alongside Providence Equity Partners, Quadrangle Capital Partners and Thomas H Lee Partners, and also exited UK-based vacuum pump manufacturer Edwards Group to Swedish industrial group Atlas Copco, generating a 3.5x return multiple and 23 percent net IRR.
CCMP is currently trying to wrap up fundraising for its third buyout fund, CCMP Capital Advisors III, which has a $3.5 billion target. The 2013-vintage vehicle had raised $2.3 billion by March, with a final close expected during the second quarter, according to PEI’s Research & Analytics division.
CCMP specialises in mid-market buyouts and growth equity investments ranging from $100 million to $500 million in North America and Europe. It invests in four primary industries: consumer/retail, industrial, energy and healthcare.