Weekly M&A Digest
A curated selection of transactions and deals from the past week.
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Deal Summary
American Securities to acquire Hexion Holdings
American Securities LLC, a private equity firm, announced the acquisition of Hexion Holdings, a producer of thermoset resins, serving the adhesives, coatings, composites, and industrial markets, for $30.00 per share in cash. The transaction is part of American Securities' growth strategies. "The Company is well-aligned with global megatrends, including safety and sustainability requirements and regulations, population growth, and household formation. We are thrilled to partner with Hexion to support the next chapter of the Company's growth," - Scott Wolff, American Securities Managing Director.
Holcim to acquire Malarkey Roofing Products
Holcim Ltd (SWX: HOLN), a company in the building materials and solutions industry, announced the acquisition of Malarkey Roofing Products, a leading company in the US residential roofing market, for $1.35 billion. The acquisition advances Holcim's "Strategy 2025 – Accelerating Green Growth" to expand its Solutions & Products business to 30% of Group Net Sales by 2025, entering the most attractive construction segments, from roofing and insulation to repair and refurbishment.
"We are off to a strong start to our 'Strategy 2025 – Accelerating Green Growth' with the acquisition of Malarkey Roofing Products, expanding our Solutions & Products business to become a global leader in roofing systems." - Jan Jenisch, Holcim CEO.
The transaction is expected to close during the first quarter of 2022, subject to customary closing conditions and regulatory clearance.
Sonoco to acquire Ball Metalpack
Sonoco (NYSE: SON), a global packaging company, announced the acquisition of Ball Metalpack, a manufacturer of sustainable metal packaging for food and household products and the larges aerosol producer in North America, for $1.35 billion.
"This acquisition fits our strategy of investing in Sonoco's core businesses as it complements our largest Consumer Packaging franchise – our iconic global Paper Cans and Closures business. In addition, it further expands our already established sustainable packaging portfolio with metal packaging, which is the most recycled packaging substrate in the US.” – Howard Coker, Sonoco President and CEO.
Darling Ingredients to acquire Valley Proteins
Darling Ingredients Inc. (NYSE: DAR), a producer of organic ingredients, announced the acquisition of Valley Proteins, a company that operates 18 major renderings and used cooking oil facilities throughout the southern, southeast, and mid-Atlantic regions of the US Valley employs 1,900 employees and operates a fleet of 550 vehicles, for $1.1 billion.
"We are pleased to add Valley Proteins to our global ingredient family, and we expect this acquisition to be accretive post integration. In the evolving world of ESG and global decarbonization, Valley Proteins will supplement Darling's global supply of waste fats and greases. The new supply will now provide Darling with additional low carbon feedstock to produce renewable diesel and potentially sustainable aviation fuel." - Randall C. Stuewe, Chairman and CEO of Darling Ingredients.
The closing of the transaction is subject to customary closing conditions.
Cargill to acquire Croda's bio-based industrial business
Cargill, Incorporated, which engages in food, agriculture, financial, and industrial products and services worldwide, announced the acquisition of Croda's bio-based industrial business. The acquisition expands the Company's bioindustrial market presence, especially in Europe, the US and Asia, all high-growth markets for bio-based solutions.
"The bioindustrial space is a priority for Cargill, as we strive to support our customers with innovative, nature-based solutions that deliver real-world benefits." - Colleen May, President of Cargill's Bioindustrial business.
SOURCES
American Securities Press Release, Hexion Press Release:
https://www.american-securities.com/en/press-releases/hexion-holdings-to-be-acquired-by-american-securities
https://investors.hexion.com/news-releases/news-release-details/hexion-holdings-be-acquired-american-securities
Holcim Press Release:
https://www.holcim.com/holcim-acquire-malarkey-roofing-products
Sonoco Press Release:
https://investor.sonoco.com/news-releases/news-release-details/sonoco-agrees-acquire-ball-metalpack
Darling Ingredients Press Release:
https://ir.darlingii.com/2021-12-28-Darling-Ingredients-to-Acquire-Valley-Proteins
Cargill Press Release:
https://www.cargill.com/2021/cargill-to-acquire-croda-bio-based-industrial-business