Corbion and Kingswood Capital Management announce agreement in divestiture of emulsifiers business
Corbion, a leading global ingredient solutions provider, and Kingswood Capital Management, LP ("Kingswood"), a middle-market private equity firm with significant experience in corporate carve-outs and investments related to food and beverage, have signed a binding agreement regarding the sale of Corbion's emulsifiers business. The sale, which is contingent upon the satisfaction of certain conditions, including regulatory approvals, will allow Corbion to sharpen its focus on fermentation-based technologies while providing customers and stakeholders of the emulsifiers business a trusted partner in navigating corporate divestitures.
Based in Los Angeles, Kingswood will acquire the emulsifier business from Corbion for a cash purchase price of $362M, with expected net cash proceeds of approximately $275M, post tax and transaction costs. The transaction comprises, amongst other conveying assets, two US-based manufacturing plants and c.175 employees. Corbion and Kingswood will work together, with supply and service agreements in place, to enable a smooth transition and to ensure that customers continue to experience a high level of service. The transaction is expected to close in the second quarter of this year.
Attachment
- Press Release Emulsifier divestment 20240125 (https://ml-eu.globenewswire.com/Resource/Download/ba77e974-1cc4-4ca2-8a8a-36de610af999)
