DuPont to Acquire Sulfuric Acid Provider
November 10, 2010
Affiliates of American Securities LLC, a New York-based middle market private equity firm, have entered in a definitive agreement to sell MECS, Inc. to DuPont. MECS is a leading provider of process technology, proprietary specialty equipment, and technical services to the sulfuric acid industry. Jefferies & Company acted as the lead financial advisor to American Securities and MECS. Terms of the agreement were not disclosed.
American Securities, together with members of the management team, acquired MECS in January 2008. MECS operates globally with approximately 70 percent of its revenue generated outside North America and in locations that include Brazil, China, India, and parts of Africa. A large number of the world's sulfuric acid producers use MECS technology to capture sulfur that would otherwise become a pollutant and transform it into sulfuric acid, the most widely used chemical in the world and a vital part of virtually every industry.
Paul Rossetti, a managing director of American Securities, said, "We are pleased to enter into this agreement with DuPont, a company MECS' management knows well and we believe can support MECS' future growth. During our partnership with Nick Bhambri and the rest of the MECS management team, American Securities has worked together with them to further build and enhance MECS' strength in areas such as overseas markets, technology solutions, and innovation."
Nick Bhambri, CEO of MECS, stated, "Together with American Securities, MECS embarked on a mission to accelerate sound and sustainable growth in the sulfuric acid industry. Every step of the way, our partners at American Securities added value through their analytical expertise, Shanghai office resources, experience and long-term focus. They believed in our ability to build a great company and played a strong role in supporting our growth initiatives, including with participation of their Resources Group. We are confident DuPont will be a strong growth platform for us as we move forward."
In commenting on its agreement with American Securities, James R. Weigland, president, DuPont Sustainable Solutions, said, "MECS' technologies and services will expand and strengthen DuPont Sustainable Solutions business' clean air and clean fuel offerings and provide access to markets beyond those we now serve. The markets MECS serves are highly attractive to us."
Headquartered in New York with an office in Shanghai, American Securities LLC is a U.S. middle-market private equity firm that invests in market-leading companies in North America with annual revenues generally ranging between $100 million to $1 billion. Investments are funded from more than $6 billion of committed capital. The firm traces its roots to the family office founded in 1947 by William Rosenwald to invest and manage his share of his family's Sears, Roebuck & Co. fortune.
Source: American Securities LLC
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