Lone Star Funds (Dallas, Texas, USA) announced the signing by an affiliate of Lone Star Fund XI, LP of a definitive agreement to sell AOC (Collierville, Tennessee, USA), a leading global specialty chemicals company, to Nippon Paint Holdings Co., Ltd. (NPHD) (Osaka, Japan).
AOC is a leading manufacturer of specialty chemical formulations in the unsaturated polyester and vinyl ester sectors. With operations in North America, Europe, and Asia, AOC serves customers globally in the infrastructure, construction (residential and commercial), transportation, and recreation sectors.
Under Lone Star’s stewardship, AOC invested in its core business systems, including commercial excellence, innovation, procurement, and manufacturing efficiency, to drive earnings growth. AOC also invested in the expansion of its executive leadership team, broadening the capabilities of the team to efficiently manage the global enterprise. AOC is poised to capitalize on its next leg of growth, supported by a well-capitalized asset base and a world-class management team.
“We are immensely proud of the growth and innovation AOC has achieved during our ownership,” says Donald Quintin, chief executive officer of Lone Star. “AOC is backed by a strong management team that has been instrumental in driving the company’s success and unlocking value. We believe AOC is well-positioned for continued growth, and we wish the team continued success in the future.”
“I would like to thank Lone Star for their support and partnership over the last three years,” says Joe Salley, chief executive officer of AOC. “I would like to thank our outstanding management team and employees for their tireless efforts to deliver best-in-class results for our customers and shareholders. We are excited about the opportunities that lie ahead as we join Nippon Paint Group, a company that shares our commitment to integrity, quality, and innovation.”
The transaction is subject to certain closing adjustments and conditions, including regulatory clearances, and is expected to close in the first half of 2025.
Source: Business Wire, www.businesswire.com.