Specialty minerals and materials provider Amcol International Corp., Hoffman Estates, Ill., has signed a definitive merger agreement with mineral-based specialty solutions provider Imerys S.A., Paris. The transaction, valued at approximately $1.6 billion including Amcol’s debt, represents approximately 10.3x 2013 EBITDA adjusted to reflect one-time events. The boards of directors for both companies approved it unanimously. Following closing, a wholly owned subsidiary of Imerys will merge into Amcol, with Amcol continuing as the surviving corporation. The transaction is not subject to any financing condition and is expected to close in the first half of 2014.
«We are pleased to announce this transaction which represents a great result for our shareholders, customers and employees. Amcol’s core businesses will benefit significantly from Imerys’ global presence and strong financial position. This transaction will combine two complementary companies dedicated to innovation and operational excellence creating exciting opportunities for Amcol employees while enhancing offerings for customers» said Ryan McKendrick, CEO, Amcol.
«Upon completion this transaction will mark a very important milestone for Imerys by allowing our enlarged group to become a better leader of mineral-based specialty solutions for industry, to strengthen its presence in the U.S., to be more innovative and to enhance its growth profile» added Gilles Michel, chairman and CEO, Imerys. Goldman, Sachs & Co. is serving as exclusive financial advisor to the company and Kirkland & Ellis LLP is serving as counsel in connection with the transaction.
