Global law firm White & Case LLP has advised global private equity firm Rhône Capital LLC on the acquisition by its affiliates of ASK Chemicals GmbH from Ashland Inc. and Clariant.
The transaction is expected to close by the end of the third quarter of 2014 subject to standard conditions, including regulatory approvals.
"We are very pleased to have supported Rhône on this significant acquisition," said London-based White & Case partner Ian Bagshaw, the Firm’s EMEA co-head of private equity who led the team of lawyers which advised on the deal. “The global nature of ASK and the tight execution timetable meant that the deal played to the Firm’s strengths as we needed to field a geographically diverse team to support Rhône on both M&A and financing."
Rhône commented: "White & Case fielded an experienced and focused team that complemented the team at Rhône and allowed us to execute this complex deal in relatively short order."
Established in 1996, Rhône focuses on investments in market leading businesses with a pan-European or transatlantic presence and significant growth prospects. Headquartered in New York with offices in London and Paris, it has a diversified portfolio of current investments across a range of sectors including chemicals, consumer products, distribution, food, industrial, materials, mining, retail and shipping.
ASK Chemicals, a joint venture between Ashland Inc. and Clariant, is a leading foundry chemicals manufacturer based in Hilden, Germany, employing 1,800 people in 25 countries worldwide. During the full year 2013 it generated €513 million in revenue. Ashland is a Fortune 500 chemicals manufacturer with a presence in more than 100 countries; Clariant is one of the world’s leading speciality chemicals company.
The White & Case team which advised Rhône Capital on the transaction was led by partner Ian Bagshaw and included partners Jacqueline Evans, Rob Bennett (both London) and Mark Powell (Brussels), counsel Prabhu Narasimhan and Tallat Hussain (both London) and associates Marcus Booth (London), Steven Hannah (London), Sarah Bitcon (London), Jee Ha Kim (London), Henrik Wikstrom (London), Laura Hoyland (London) and Jan Jeram (Brussels).
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