A private equity group said last week that it has purchased chemicals and process service provider Ondeo Nalco from Paris-based Suez S.A. for $4.2 billion. The business has been renamed Nalco Co., and officials said the new owners will operate it as a privately held, independent company with an eye toward conducting a private stock offering.
Nalco, which is based in Naperville, Ill., supplies metalworking fluids and other industrial lubricants, as well as chemicals, services and equipment related to water treatment and other industrial services. Suez acquired Nalco just two years ago but decided to divest it and several other operations this year in order to reduce debt.
The group that bought the company consists of the Blackstone Group, Apollo Management L.P. and Goldman Sachs Capital Partners. Management announced no drastic changes but said it plans to accelerate development of new technologies and innovation. While acknowledging that the group plans to conduct a stock offering at some point, a spokesman said there is no schedule for doing so.
The new owners have appointed newcomers to two key management positions. William H. Joyce was named chairman and chief executive officer. He previously held the same positions for Union Carbide and Hercules Inc. Bradley J. Bell, a former senior vice president and chief financial officer for Rohm and Haas, was named Nalcos executive vice president and chief operating officer.