NEWS
Private equity firm to acquire Univar Solutions for $8.1 billion
US chemical and ingredients distributor Univar Solutions is to be acquired by New York private equity firm Apollo Global for $8.1 billion.
The deal, expected to close
in the second half of the year, will see Abu Dhabi Investment Authority take a minority stake in Illinois-based Univar Solutions. The agreement will result in
Univar Solutions shareholders receiving $36.15 per share in cash, which represents a 20.6% premium to the closing stock price on 22 November 2022. Upon completion of the
transaction, shares of Univar Solutions common stock will no longer trade on the New York
Stock Exchange, and Univar Solutions will become a privately held outfit. The company will continue
to operate under the Univar Solutions name and brand and maintain a global presence. “Over the last three years, we
have transformed the company, putting the customer at the centre of all we do, which has solidified our position as a leading value-added service and solution provider. This transaction reflects the success of our strategy and delivers substantial value to our shareholders,” said David Jukes, president and chief executive officer of Univar Solutions. “In Apollo, we are pleased
to gain a partner to support continued investment in our portfolio and I look forward to working closely with their team as we grow Univar Solutions and serve our key suppliers and customers globally,” he added. Apollo private equity partner
Sam Feinstein said: “In recent years, David and his team have
made tremendous progress enhancing the customer experience, and we believe Univar can accelerate its long-term strategy as an Apollo portfolio company. “We look forward to leveraging
our extensive experience in the sector to support management in this exciting next phase.”
L’Oréal invests in biotech ingredient maker Genomatica
L’Oréal has invested in Genomatica, a US developer of biotechnology-based alternatives to critical ingredients in cosmetic formulations. As a result of the investment,
Genomatica will deploy its proven biotechnology platform, using proprietary engineered microorganisms to ferment plant sugars that produce ingredients to make sustainable surfactants. These new ingredients will be used in a range of L’Oréal’s products, marking an essential step towards L’Oréal’s goals of 100% eco-designed formulas that respect the diversity of aquatic
ecosystems and 95% of ingredients from renewable plant-based sources or abundant minerals by 2030. L’Oréal joins Unilever and Kao
in investing in San Diego-based Genomatica. Financial details of the transaction were not disclosed. “Welcoming L’Oréal to this
incredible team of global brand heavyweights signifies just how important and urgent the need is for traceable, resilient and sustainable materials, at scale,” said Genomatica chief executive Christophe Schilling. “This partnership will further
catapult our venture’s mission to the global scale required to meet strong
acquire Australian luxury beauty brand Aesop for $2.525 billion. Aesop currently operates
around 400 points of sale across the Americas, Europe, Australia, New Zealand, and Asia, with a nascent footprint in China where the first store opened in 2022. Created in 1987, Aesop sells
market demand for sustainable products,” he added. In a related development,
L’Oréal has entered into an agreement with Natura & Co to
skin, hair and body products with plant-based ingredients and sustainable vegan formulations in signature amber packaging. The brand posted sales of $537m in 2022. The acquisition is subject to certain regulatory approvals and other customary conditions.
KLK Oleo acquires Italian esters maker Temix Oleo
KLK Oleo has entered into a definitive agreement to acquire a controlling stake in Temix Oleo, an Italian manufacturer of esters. Headquartered in Milan, Temix
Oleo has a production plant in Calderara di Reno (Bologna) and employs around 100 people, with a turnover of €150m ($158m) in 2022. Temix Oleo’s esters are mainly
based on renewable feedstocks, and the company supplies the cosmetic, lubricant, ceramic, coating,
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closing conditions. KLK Oleo is the manufacturing
division of KLK, a leading international plantations group listed on the Malaysia stock exchange with a market capitalisation of approximately €4.8 billion as of September 2022. “Temix Oleo outstanding
rubber and plastics industries. The transaction is expected to
be completed by April, subject to regulatory approval and customary
reputation is built on their customer- centric and high-quality service business model. We are excited to welcome the Temix Oleo team and
their excellent product portfolio to be part of the group of KLK,” said Sriganesh Mathur Subramanian, Managing Director, KLK Emmerich. Temix Oleo managing director
Roberto Cella added: “This acquisition is an opportunity for Temix Oleo to continue to grow, in product portfolio and geographic areas, with focus on sustainability and innovation. Being part of the KLK Group, employees can look forward to a bright future.”
May 2023 PERSONAL CARE
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