Resin Distributor Nexeo Goes Public
WL Ross Holding Corp. announced the completion of its acquisition of Nexeo Solutions Holdings, LLC. In connection with the closing, WLRH has changed its name to Nexeo Solutions, Inc. and started to trade on The Nasdaq Capital Market under the ticker symbols NXEO, NXEOU, and NXEOW on June 10, 2016.
“We are proud to bring Nexeo Solutions to the public market and accelerate our growth towards market leadership,” said David Bradley, President and CEO of Nexeo Solutions. “By expanding our ownership structure with Wilbur Ross, Jr. and team, we are diligently positioning the platform for continued growth for our customers, suppliers and shareholders.”
Nadim Qureshi, Managing Director of WL Ross & Co. LLC, added, “As a publicly traded company, we believe that Nexeo Solutions is ideally positioned to grow its market share and roll up the fragmented chemicals and plastics distribution space. We look forward to working with the management team and TPG to capitalize on these growth prospects.”
Private equity firm TPG Capital of San Francisco is selling a 65 percent stake in Nexeo for almost USD 1.7 billion. TPG bought Ashland Distribution from Ashland Inc. for almost USD 1 billion in 2010 and renamed the business Nexeo.
Nexeo Solutions is a large global chemical and plastics distributor with a centralized business model. With operations worldwide, Nexeo Solutions offers over 23,000 products used in a broad cross-section of industries, including chemicals manufacturing, oil and gas, paints and coatings, automotive, healthcare and personal care. Nexeo distributes resins, compounds and concentrates for more than 20 suppliers, including ExxonMobil Chemical, LyondellBasell, BASF and DuPont Co.
WL Ross Holding Corp. was a Special Purpose Acquisition Company sponsored by WL Ross Sponsor LLC, an affiliate of WL Ross & Co. LLC, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or assets. WL Ross Holding Corp. completed its initial public offering in June 2014, raising approximately USD 500 million in cash proceeds.
Nexeo Solutions Inc.
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