The Jordan Company L.P. Closes Acquisition of Potters

Rhea-AI Summary

The Jordan Company L.P. announced the completion of its acquisition of Potters Industries, LLC, previously part of PQ Group Holdings, Inc. (NYSE: PQG). Potters, operating from 28 facilities and led by Scott Randolph, specializes in engineered glass materials and highway safety products. Randolph expressed optimism for growth as a standalone company under TJC's partnership, aiming for expansion through organic initiatives and selective acquisitions. TJC’s Ian Arons highlighted the potential of Potters and its management team. TJC has over $13 billion in capital commitments and a strong investment track record.

Positive

• Acquisition of Potters enhances TJC's portfolio in engineered glass materials.
• Scott Randolph's leadership is expected to drive future growth.
• Plan for organic growth and selective acquisitions indicates optimistic outlook.

Negative

• None.

NEW YORK, Dec. 14, 2020 /PRNewswire/ -- The Jordan Company L.P. ("TJC") announced that one of its affiliates has closed the previously announced acquisition of Potters Industries, LLC ("Potters"), the Performance Materials segment of publicly traded PQ Group Holdings, Inc. ("PQ", NYSE: PQG).

Operating out of a broad network of 28 production facilities, Potters is a global manufacturer of engineered glass materials and a leader in highway safety. Led by President & CEO Scott Randolph with more than 30 years of industry experience, Potters is well positioned for future growth as a standalone company.

"We are very excited to have TJC as our new partner," said Scott Randolph. "With TJC's support, we look forward to continuing to expand our business through both organic initiatives and selective acquisitions which will further broaden our offering to our customers. We greatly appreciate the support we've received from PQ, and we thank them for their guidance through the years."

"TJC is thrilled to have identified a world-class platform and management team and we look forward to investing in the future growth of Potters," stated Ian Arons, Partner at TJC.

Kirkland & Ellis LLP served as legal counsel and Barclays Capital, Inc. served as financial advisor to TJC. Goldman Sachs & Co. LLC and Harris Williams LLC served as financial advisors and Ropes & Gray LLP served as legal counsel to PQ. 

About The Jordan Company, L.P.

TJC, founded in 1982, is a middle-market private equity firm with original capital commitments in excess of $13 billion. TJC has a 38-year track record of investing in and contributing to the growth of many businesses across a wide range of industries, including Industrials; Transportation & Logistics; Healthcare & Consumer; and Telecom, Technology & Utility. The senior investment team has been investing together for over 20 years and is supported by its Operations Management Group, established in 1988 to initiate and support operational improvements in portfolio companies. Headquartered in New York, TJC also has an office in Chicago. For more information, please visit https://www.thejordancompany.com/.

 

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SOURCE The Jordan Company, L.P.

FAQ

What is the significance of TJC's acquisition of Potters Industries?

The acquisition enhances TJC's portfolio in engineered materials and highway safety, providing growth opportunities.

What was the date of the acquisition announcement for Potters by TJC?

The acquisition was announced on December 14, 2020.

Who was the financial advisor for PQ during the acquisition of Potters?

Goldman Sachs & Co. LLC and Harris Williams LLC served as financial advisors for PQ.

What is the future growth strategy for Potters under TJC?

Potters plans to focus on organic initiatives and selective acquisitions for expansion.

How many production facilities does Potters operate?

Potters operates out of 28 production facilities globally.