W.L. Ross buys majority stake in chemicals and plastics distributor Nexeo

Investment firm W.L. Ross Holdings Corp. has bought a majority stake of plastics and chemicals distributor Nexeo Solutions for about US$1.6 billion.

New York City-based W.L. Ross, which is run by billionaire investor Wilbur Ross, said it is buying the company from the global asset manager TPG, which will retain a 35 per cent stake. W.L. Ross will then change its name to Nexeo Solutions Inc.

Nexeo, which is based in The Woodlands, Texas, had revenue of about US$3.9 billion in its most recent fiscal year and operates in more than 80 countries with more than 2,450 employees, W.L. Ross said in a statement.

Following completion of the deal, Ross will serve as chairman of the company while current Nexeo CEO David Bradley will continue as the company’s leader.

The deal is expected to close in the second quarter of 2016.