Aceto sold its performance chemicals business, which supplies lubricant additives, to New York investment firm New Mountain Capitals affiliate NMC Atlas, L.P., following the conclusion of a court-supervised sale process conducted under Section 363 of the United States Bankruptcy Code, the company announced Monday.
New Mountain Capital purchased Acetos Performance Chemicals segment for roughly $411 million, which includes the assumption of certain liabilities and is subject to certain adjustments. The deal is expected to close by the end of the quarter.
The deal was originally announced Feb. 19 – the same day it filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court of the District of New Jersey – with Aceto announcing New Mountain Capital would purchase its chemicals business assets for gross proceeds of $338 million.
Through its performance chemicals business, Aceto supplies corrosion inhibitors and antioxidants to lubricant manufacturers. During the companys first quarter of this year its Performance Chemicals segment enjoyed a 4.8 percent jump in sales to $44.7 million.