Ingevity to acquire Capa caprolactone division of Perstorp Holding AB
Ingevity announced it has reached an agreement with Perstorp Holding AB to acquire the Capa caprolactone division of Perstorp in a cash transaction valued at approximately approximately $675M. The acquisition is subject to certain regulatory approvals and other customary closing conditions, and Ingevity expects to close on the transaction late in the first quarter of 2019. Capa expects revenues of approximately approximately $175M and adjusted earnings before interest, taxes, depreciation and amortization of approximately approximately $60M for the 2018 fiscal year, representing adjusted EBITDA margins in the mid-30s percent range. The acquisition is expected to be immediately accretive to Ingevity's earnings in the first full year. Ingevity will include the business in the company's Performance Chemicals segment and report revenues as "Engineered Polymers."