Investment firm One Rock buys Nexeo’s plastics business
The $640 million deal will create a standalone plastics distribution business, and follows Nexeo’s pending acquisition by Univar Inc.
In a deal that will create a standalone plastics distribution business, investment firm One Rock Capital Partners is acquiring the plastics distribution business of Nexeo Solutions Inc. for US$640 million.
The deal will follow Nexeo’s pending acquisition by Univar Inc. and is expected to close during the first half of 2019.
The new business will continue to be led by Shawn Williams, the executive vice president of Nexeo Plastics.
Headquartered in The Woodlands, Texas, Nexeo Plastics is a global leader in the distribution of plastics products, including polymer products and prime engineering resins, and supplies customers in more than 60 countries in North America, Europe, and Asia.
“We are excited about the opportunity to create a standalone plastics distribution business and invest in growth by deepening its relationships with customers and supplier partners,” Tony Lee, a managing partner with One Rock, said in a statement. “We look forward to collaborating with Nexeo Plastics’ management team to achieve the full potential of the business.”
Nexeo Solutions was bought by Univar for US$2 billion in September 2018. At the time, Univar officials said they were reviewing Nexeo’s plastic resin business for a possible sale.