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One Equity Partners has signed an agreement to acquire Norit Activated Carbon from Cabot Corporation (NYSE: CBT). Norit specializes in activated carbon products used across various sectors including renewable energy, pharmaceuticals, and water treatment. With operations in North America and Europe, the global activated carbon market is projected to grow at a CAGR of ~9%, driven by rising regulatory standards. The acquisition aims to enhance Norit's growth through geographic expansion and innovation, with closure expected by the end of Q1 2022.
Positive
Acquisition aligns with growing demand in the activated carbon market, projected to grow at ~9% CAGR.
OEP's investment could lead to geographic expansion and product diversification for Norit.
Negative
Transaction subject to customary closing conditions raises uncertainty on timing.
Integration challenges may arise post-acquisition affecting operational efficiency.
Global Manufacturer Serves Markets Directly Related to
Clean Air, Clear Water, and Clean Energy
NEW YORK--(BUSINESS WIRE)--
One Equity Partners (“OEP”), a middle market private equity firm, today announced that it has signed an agreement to acquire Norit Activated Carbon (“Norit” or “the Company”), a global manufacturer of activated carbon for purification solutions, from corporate parent Cabot Corporation (NYSE: CBT).
Norit manufactures a broad portfolio of activated carbon products used for purification needs in growing sectors including renewable natural gas, food and beverage, chemicals, pharmaceuticals, air quality, water, and automotive. The Company operates two plants in North America, five facilities in Europe and participates in three joint ventures in Canada, Asia and Mexico.
“We are proud to make this investment in Norit, whose product offering uses renewable materials to increase access to clean air and water,” said Joe Huffsmith, Managing Director, OEP. “Norit has been a leading player in the activated carbon space for over 100 years, and we feel fortunate for the opportunity to partner with the Norit team on this next phase of the company’s growth and development.”
The global activated carbon market is expected to grow at a CAGR of ~9 percent due, in part, to increased regulatory standards around air purification, water treatment, renewable natural gas purification and pharmaceutical drug production.
“This pending partnership with OEP is the beginning of an exciting new chapter for Norit,” said Imtiaz Kathawalla, VP and General Manager of Norit. “The senior management team and I are eager to collaborate closely with OEP’s professionals and tap their experience in support of our growth through geographic expansion, product offering diversification, technology innovation and strategic acquisitions.”
The transaction is subject to customary closing conditions and work council consultations and is expected to close by the end of Q1 2022.
Latham & Watkins, LLP served as legal counsel to OEP and KPMG LLP served as accounting and tax advisor. PNC Bank NA is providing debt financing for the transaction.
About One Equity Partners
One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt, and Amsterdam. For more information, please visit www.oneequity.com.
Press Contact for One Equity Partners:
Tom Faust Stanton
646-502-3513
TFaust@StantonPRM.com
Source: One Equity Partners
FAQ
What is the purpose of the acquisition of Norit Activated Carbon by One Equity Partners?
The acquisition aims to enhance Norit's growth through geographic expansion, product diversification, and technology innovation.
What is the expected impact of the acquisition on Cabot Corporation's stock (CBT)?
While the acquisition reflects strategic realignment, the immediate impact on Cabot's stock price will depend on market perceptions of Norit's growth potential post-acquisition.
When is the acquisition of Norit by One Equity Partners expected to close?
The transaction is expected to close by the end of Q1 2022, pending customary closing conditions.
How does this acquisition relate to the activated carbon market growth?
The acquisition positions Norit to capitalize on the projected ~9% CAGR growth in the activated carbon market, driven by increased regulatory standards.
