THE ALPHA CORPORATION, HOLDING COMPANY OF AOC, LLC, AGREES TO BE ACQUIRED BY CVC CAPITAL PARTNERS FUND VI
May 2, 2018
AOC’s parent company, The Alpha Corporation of Collierville, Tennessee, today announced that it signed a definitive agreement with CVC Capital Partners ("CVC") Fund VI to be acquired. The transaction includes AOC, LLC (“AOC”) the primary asset and wholly owned subsidiary of The Alpha Corporation. The transaction is subject to customary regulatory approvals.
AOC is a leading global producer of resin chemistries for composites and cast polymer applications. Headquartered in Collierville, Tennessee, AOC manufactures polyester and vinyl ester resins, gel coats, colorant dispersions and specialty additives for customers manufacturing products used in the automotive, marine, corrosion, construction and infrastructure segments, among others. The Company has production facilities in the U.S., Canada, Mexico, Europe and Asia.
Upon completion of the transaction, AOC, under the ownership of CVC, plans to work closely with Swiss-based Aliancys, a manufacturer of quality resins and a CVC portfolio company, to create a global leader in the industry. Aliancys’ products are sold to various composites end users in the automotive, building and construction, marine and relining/CIPP sectors.
Said Fred Norman, CEO of AOC, “AOC is excited about the partnership with CVC Capital Partners as the company moves forward on a new path to future growth that will allow AOC to better serve new and existing customers, strengthen our supply chain, and create additional growth opportunities for our suppliers around the world.” Added Norman, “Aliancys has excellent customer relationships and represents a great strategic and complementary fit with AOC as a market leader in global resin chemistries.”
Steven Buyse, Partner at CVC, said: “AOC is an outstanding business with an experienced management team and world class manufacturing facilities. We believe that its combination with Aliancys will create a robust global company with the diverse product mix and exceptional geographic reach to serve markets in every corner of the world. We look forward to working with both AOC and Aliancys and continue to develop high performance composite resins.”
Bert Bakker, CEO of Aliancys, said: “AOC’s business culture is very compatible with that of Aliancys, as they share our commitment to innovation, continuous improvement and customer focus. This is a winning combination for the industry.”
Greenhill & Co. served as exclusive financial advisor to the Board of AOC. Baker Hostetler acted as legal counsel to AOC while Latham & Watkins and Clifford Chance served as counsel to CVC and Aliancys.
AOC is a leading global supplier of resin chemistries for polyester and vinyl ester resins, gel coats, colorants, specialty additives and synergistic material systems used in the manufacture of composites parts. Its comprehensive product offering is supported by a global manufacturing and logistics network, which provide customers worldwide with efficient service, customized solutions and complete supply chain management with a focus on customer satisfaction and fulfillment. Headquartered in Collierville, Tennessee, AOC’s products are manufactured at six facilities strategically located in North America and by additional manufacturing locations in Europe and Asia. For more information, please visit: aoc-resins.com
About CVC Capital Partners
CVC Capital Partners is a leading private equity and investment advisory firm. Founded in 1981, CVC today has a network of 23 offices and approximately 400 employees throughout Europe, Asia and the U.S. To date, CVC has secured commitments of over $109 billion from some of the world's leading institutional investors across its private equity and credit strategies. In total, CVC currently manages over $70 billion of assets. Today, funds managed or advised by CVC are invested in 61 companies worldwide, employing c. 270,000 people in numerous countries. Together, these companies have combined annual sales of over $60 billion. For further information about CVC please visit: www.cvc.com
Aliancys is a leading global company active in the sales of quality resins for composite applications. Together with its customers, Aliancys is pushing the limits of both composite part manufacturing and performance. Taking an integral approach to new product development, Aliancys is using its full expertise in resin chemistry, material science, and component manufacturing for shaping new applications in composites. The company’s headquarters are based in Schaffhausen, Switzerland, production is located in The Netherlands, France, Italy and China. Aliancys is a joint venture of CVC Capital Partners and Royal DSM. For more information, please visit: aliancys.com