Chemtrade wraps up $900 mln acquisition of PE-backed General Chemical
Canadian industrial chemicals and services provider Chemtrade Logistics Income Fund (TSX: CHE.UN) has closed its previously announced buy of General Chemical Holding Co. The final cash purchase price is approximately US$900 million, which will be financed by Chemtrade through a mix of debt and equity. The acquisition, which Reuters first reported in Nov. 2013, adds significant size, scale and scope to Chemtrade's existing product and service platform, according to the company. The seller of the Parsippany, New Jersey-based chemicals and sulphuric acid manufactuer was U.S. private equity firm American Securities, which took General Chemical private in 2009 for US$673 million. Osler, Hoskin & Harcourt LLP acted as legal advisor to Chemtrade in the deal.
