Platform Acquisition Holdings Completes Acquisition of MacDermid
Published November 6, 2013
Platform Acquisition Holdings Limited announced that it has completed its previously announced acquisition of MacDermid, Inc., a global provider of high value-added specialty chemicals, for approximately $1.8 billion and up to $100 million of contingent consideration.
With the closing of this transaction, Platform has been renamed Platform Specialty Products Corporation (PSP), and will now look to complete a listing of its shares on the New York Stock Exchange.
At the closing of the transaction, the company paid approximately $925 million in cash and additionally delivered approximately $100 million of new equity to the sellers, with the balance of the consideration at closing being the assumption of MacDermid first lien bank debt.
"The successful closing of this transaction is a significant milestone for Platform, as PSP will now serve as a foundation for building a portfolio of industry-leading, best-in-class specialty chemical businesses,” said Martin E. Franklin, PSP's chairman. “Our clear vision, disciplined acquisition strategy, and talented management team provide us with the tools necessary to accelerate growth and drive success at PSP."
"Today marks an exciting and transformative day in MacDermid's 90-year history,” Dan Leever, PSP's CEO, added. “As we officially enter under the PSP umbrella, we are presented with stronger organic and acquisition growth opportunities that we believe will help us realize our vision of becoming a leading player in the overall specialty chemical space."
With the closing of this transaction, Platform has changed the composition of its Board of Directors. Franklin, founder and executive chairman of Jarden Corporation, is now PSP's chairman. Dan Leever, who served as MacDermid's chairman and CEO, has been appointed PSP's vice chairman and CEO. Nicolas Berggruen, co-Founder of Platform, will remain on the Board. In addition, each of Ian G. H. Ashken, a co-founder, vice chairman and CFO of Jarden Corporation, Michael Goss, a managing director of Bain Capital, Stanley O'Neal, formerly CEO and chairman of the board of Merrill Lynch & Co. and Ryan Israel, a partner at Pershing Square Capital Management, has joined the board. Each of the Company's non-founder directors, Lord Paul Myners, Alun Cathcart and Alain Minc, has resigned his position from the board.
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