Solvay completes sale of US-based Eco Services business unit to CCMP Capital
Brussels, December 2, 2014 --- Solvay has completed the divestment of its U.S.-based sulfuric acid virgin production and regeneration business Eco Services to affiliates of CCMP Capital Advisors LLC.
The divestment, at an enterprise value of US$ 890 million or just over 8,0 x adjusted EBITDA for the last twelve months ending June 30th, 2014, is part of the Group’s transformation to achieve higher growth and greater returns.
Solvay announced in July the agreement with CCMP Capital, which is specialized in middle market buyouts and growth equity investments in North America and Europe.
Eco Services is the U.S. leader in technologies that sustainably regenerate sulphuric acid for oil refineries and generated sales of € 288 million in 2013 with more than 500 employees.SOLVAY assists industries in finding and implementing ever more responsible and value-creating solutions. Solvay generates 90% of its net sales in activities where it is among the world's top three players. It serves many markets, varying from energy and the environment to automotive and aeronautics or electricity and electronics, with one goal: to raise the performance of its clients and improve society's quality of life. The group is headquartered in Brussels, employs about 29,400 people in 56 countries and generated 9.9 billion euros in net sales in 2013. Solvay SA (SOLB.BE) is listed on EURONEXT Brussels and EURONEXT Paris (Bloomberg: SOLB:BB - Reuters: SOLB.BR).