Corbion And Kingswood Capital Management Announce The Completion Of The Divestiture Of The Emulsifier Business

(MENAFN- GlobeNewsWire - Nasdaq) Corbion, a leading global ingredient solutions provider, and Kingswood Capital Management, LP (“Kingswood”), a middle-market private equity firm with significant experience in corporate carve-outs have completed the earlier announced sale of Corbion's emulsifiers business.

Based in Los Angeles, Kingswood acquired the emulsifier business from Corbion for a cash purchase price of $362M, with expected net cash proceeds of approximately $275M, post tax and transaction costs. The transaction comprises, amongst other conveying assets, two US-based manufacturing plants and c.175 employees. Corbion and Kingswood will work together, with supply and service agreements in place, to enable a smooth transition and to ensure that customers continue to experience a high level of service.

"Kingswood is excited to take this world-class Emulsifiers business forward and build on its tremendous heritage by continuing to provide exceptional service. We are delighted to partner with Corbion to create the largest standalone pure-play emulsifiers business in North America." said Alex Wolf, Managing Partner at Kingswood.

"We are confident that the emulsifier business will be in good hands under Kingswood's stewardship and will receive strong support from their new owners. I want to thank our colleagues who have worked hard to develop our emulsifier business for many years, and we wish them great success in the years ahead,” said Olivier Rigaud, CEO Corbion.

Lazard is serving as financial advisor and Stinson LLP as legal counsel to Corbion for this transaction. For Kingswood, Kirkland & Ellis is serving as legal counsel and Configure Partners as debt advisor.

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• 20240104 Press release Emulsifier Divestment final

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