The Jordan Company, L.P. Signs Definitive Agreement to Acquire Potters

Rhea-AI Summary

The Jordan Company, L.P. has entered into a definitive agreement to acquire Potters Industries, LLC, a segment of PQ Group Holdings, Inc. (NYSE: PQG). The acquisition is expected to close by year-end 2020, pending customary approvals. Potters operates 28 production facilities and specializes in engineered glass materials, particularly in highway safety. Scott Randolph, President & CEO of Potters, expressed enthusiasm for the partnership, anticipating growth through both organic initiatives and acquisitions. TJC aims to enhance Potters' future prospects under their management.

Positive

• Acquisition expected to strengthen Potters' market position.
• TJC's investment may lead to enhanced growth opportunities for Potters.
• Scott Randolph's leadership is expected to drive organic growth and selective acquisitions.

Negative

• None.

NEW YORK, Oct. 19, 2020 /PRNewswire/ -- The Jordan Company, L.P. ("TJC") announced that one of its affiliates has entered into a definitive agreement to acquire Potters Industries, LLC ("Potters"), the Performance Materials segment of publicly traded PQ Group Holdings, Inc. ("PQ", NYSE: PQG). The transaction is expected to close by year end 2020, subject to customary closing conditions and regulatory approvals.

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 is serving as legal counsel for TJC. Goldman Sachs & Co. LLC and Harris Williams LLC are serving as financial advisors and Ropes & Gray LLP is serving 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 $11 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 acquisition deal involving PQG?

The Jordan Company has agreed to acquire Potters Industries, LLC, a segment of PQ Group Holdings, Inc. (PQG), with the deal expected to close by year-end 2020.

What impact will the acquisition have on PQ Group Holdings?

The acquisition allows PQ Group to focus on its core operations while Potters will pursue growth under new ownership.

Who is leading Potters Industries after the acquisition?

Scott Randolph continues as President & CEO of Potters Industries, guiding its growth post-acquisition.

What are the strategic goals of TJC for Potters Industries?

TJC intends to invest in Potters for future growth through organic initiatives and strategic acquisitions.