NEW COMPANY WILL BE A GLOBAL LEADER IN ADVANCED CATALYSTS AND ADDITIVES FOR THE REFINING AND PETROCHEMICAL INDUSTRIES
NEW YORK, Oct. 27, 2025 /PRNewswire/ -- KPS Capital Partners, LP ("KPS") announced today that, through a newly formed affiliate, it has entered into a definitive agreement with Albemarle Corporation ("Albemarle") (NYSE: ALB) to acquire a controlling stake in Ketjen Corporation's refining catalyst solutions business (collectively, "Ketjen" or the "Company"). KPS and Albemarle, through affiliates, will own approximately 51% and 49% of Ketjen at close, respectively, with KPS having a majority of the Board of Directors and operational control of Ketjen. Albemarle will retain 100% of Ketjen Corporation's Performance Catalyst Solutions ("PCS") business. Completion of the transaction is expected in the first quarter of 2026 and is subject to customary closing conditions and approvals.
Ketjen is a leading global manufacturer of advanced catalyst solutions used to transform, process and de-contaminate crude oil and renewable feedstocks into fuels and chemicals for a wide range of applications, including petrochemicals, transportation, building and agriculture, among others. The Company's catalysts and additives enhance customers' profitability through improvements in reliability, quality and yield of fuels and chemicals refined from a variety of traditional and renewable feedstocks. Ketjen is headquartered in Houston, Texas, has approximately 840 employees and operates two manufacturing facilities, two research and technology centers and two joint ventures across North and South America, Europe and Asia.
Raquel Vargas Palmer, Managing Partner of KPS, said, "We are thrilled to make a controlling investment in Ketjen, a leading global provider of mission-critical catalysts and additives for petrochemical and fuel producers. The Company's solutions are essential to manufacturing a wide range of products, including sustainable fuels and chemicals, ensuring safety, quality and emissions standards while enhancing production yields and producer profitability. We will leverage KPS' decades of global manufacturing experience to create an entrepreneurial culture centered on innovation and continuous improvement, while providing strategic support and capital to accelerate the Company's growth opportunities. Ketjen remains committed to supporting its customers in the refinery industry and delivering industry-leading solutions, service and quality. We look forward to partnering with Ketjen's talented employees, senior management team and Albemarle to drive the Company's growth and profitability."
Michael Simmons, President of Ketjen, said, "The Ketjen team is excited to partner with KPS as we begin our next chapter as an independent company. KPS has an exceptional track record of investing in and strengthening industrial and specialty materials businesses, and we are confident they are the right partner to support our long-term growth. Their commitment to manufacturing excellence, operational improvement and innovation will enable us to build on Ketjen's strong market position and deepen our partnerships with customers around the world."
Kent Masters, Chairman and Chief Executive Officer of Albemarle, said, "We have been impressed with KPS and their proven expertise in managing large, global manufacturing and industrial businesses. Albemarle's retained stake in Ketjen highlights our belief in the Company's earnings growth and value creation potential under KPS' direction, and we look forward to partnering with KPS in driving Ketjen's next phase of growth."
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel and Raymond James served as lead financial advisor to KPS. Committed debt financing to support the transaction has been provided by Barclays, Jefferies, BNP Paribas and Santander.
About Ketjen
Ketjen's refining catalyst solutions business provides advanced catalyst solutions to leading producers in the petrochemical and refining industries. From fluidized catalytic cracking to clean fuels solutions and hydro-processing, Ketjen delivers safe and reliable solutions that maximize production performance and business value. Ketjen is headquartered in Houston, Texas, and serves global customers in 25 markets. For more information, visit www.ketjen.com.
About Albemarle
Albemarle Corporation (NYSE: ALB) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allows us to deliver advanced solutions for our customers. Learn more about how the people of Albemarle are enabling a more resilient world at Albemarle.com, LinkedIn and X.
About KPS Capital Partners
KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $19.4 billion of assets under management (as of June 30, 2025). For over three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment, and general manufacturing. KPS creates value for its investors by working constructively with talented management teams to make businesses better and generates investment returns by structurally improving the strategic position, competitiveness, and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds' portfolio companies currently generate aggregate annual revenues of approximately $21.6 billion, operate 211 manufacturing facilities in 21 countries, and have approximately 55,000 employees, directly and through joint ventures worldwide (as of June 30, 2025). The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.
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