JACKSONVILLE, FL -- September 27, 2010 -- Rhône Capital has entered into a definitive agreement to sell a controlling interest in Arizona Chemical to American Securities, a New York-based private equity firm. Terms of the agreement have not been disclosed.
The transaction, subject to regulatory approvals and customary closing conditions, is expected to close in the fourth quarter of this year. Rhône, along with other current investors and the management team, will retain 25 percent of the company’s ownership and will continue to participate in its growth and development through pro rata representation on Arizona Chemical’s board of directors.
“American Securities has a strong history of providing the leadership and resources necessary to ensure that the businesses that are part of their portfolio continue to achieve success,” explained Kees Verhaar, President & CEO of Arizona Chemical. “We look forward to continuing to grow our business and strengthen our customer relationships under their leadership.”
American Securities’ portfolio includes General Chemical, MECS, and Fairmount Minerals in the chemical (or related) markets, along with a variety of other successful companies in a wide range of industries.