Lone Star Agrees to Acquire AOC from CVC
CVC Capital Partners ("CVC") announced that it is considering selling AOC, a leading global producer of specialty resins, to an affiliate of Lone Star Funds (“Lone Star”). The contemplated transaction is subject to AOC workers' council's information and consultation and relevant regulatory authorities' approval.
Headquartered in Schiphol, The Netherlands, AOC is a global CASE & Colorants leader, producing and formulating unsaturated polyester resins, vinyl ester resins, and other solutions for applications in Coatings & Protective Barriers, Colorants & Visual Effects, Adhesives, and Conventional Composite Resins.
AOC serves customers globally with specialty products for the automotive, marine, corrosion, construction, and infrastructure segments. The Company has production facilities in the U.S., Canada, Mexico, Europe, and Asia.
”I am very proud of the accomplishments of my colleagues, and on their behalf, extend our gratitude to CVC for their stewardship of this business,” said Joe Salley, CEO of AOC. “Steven Buyse and his team have been ideal sponsors; our successes and opportunities would not have been possible without them. We are excited about the prospects for AOC and the envisaged partnership with the Lone Star team to create an even stronger company.”
Under CVC Funds’ ownership, AOC realized significant growth, evolving from a strong regional player to a global composites leader through the strategic combination with The Alpha Corporation in 2018. Under the leadership of Joe Salley, AOC developed into a best-in-class specialty resins platform with a clear path for continued sustainable growth.
“We are tremendously proud of the achievements of AOC and its management team,” said Steven Buyse, a managing partner at CVC. “AOC is an outstanding business, and we want to thank Joe Salley and the rest of the management team for the successful partnership and wish them every success in the envisaged next phase of AOC's exciting journey.”
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