Cleary Gottlieb represented Latour Capital (Latour) in its acquisition of Solvay’s barium & strontium and sodium percarbonate businesses conducted by certain Solvay German, Spanish, and Mexican subsidiaries and divisions.
Solvay’s barium & strontium and sodium percarbonate businesses have a strong position in their respective markets and will benefit from Latour’s investments and management’s experience to accelerate their growth.
The transaction was completed on March 1, 2021, and the payment of the purchase price occurred on February 26, 2021.
The financing took the form of a senior bonds issue program of an aggregate amount of €87 million or equivalent in US dollars to be fully subscribed by funds managed by H.I.G.
On November 19, 2020, Latour Capital and Solvay entered into an agreement under which Latour Capital committed to acquire said businesses. The transaction was subject to various corporate reorganizations, as well as various regulatory and merger control clearances.
Latour Capital was founded in 2011 by Cédric Bannel, founder of Caradisiac.com; Philippe Leoni, CEO of Spir Group for 13 years; and Alain Madelin, former Minister of Economy and Finance. It primarily invests in the French and Europe buyouts market with a focus on primary and off-market transactions, and is investing through the Latour Capital III fund.
Solvay is a global listed company specialized in the manufacturing of various chemicals and plastics, and employing over 24,000 people worldwide.