NEW YORK, Dec. 4, 2013 /PRNewswire/ — American Securities LLC, a New York-based private equity firm, today announced that it has entered into a definitive agreement to sell General Chemical Corporation and various related entities to Chemtrade Logistics Income Fund (“Chemtrade”) for $860 million. Chemtrade is publicly traded on the Toronto Stock Exchange and provides industrial chemicals and services to customers in North America and around the world. The transaction is expected to close in December or January and is subject to customary closing conditions.

General Chemical was acquired by American Securities in October 2009 as part of its acquisition of GenTek Inc., which was publicly-traded at the time. Based in Parsippany, New Jersey, General Chemical is a North American manufacturer of a broad portfolio of inorganic chemical products, which operates three business units: Water Treatment Chemicals, Sulphuric Acid, and Specialty Chemicals. The company operates 45 facilities across the United States and Canada with 540 employees, substantially all of which will be retained by Chemtrade following the close of the transaction.

Matthew F. LeBaron, Managing Director at American Securities, said, “We are very pleased with the outcome of this investment. In our partnership with General Chemical, we worked closely with Bill Redmond and the rest of the company’s management team to strengthen and grow the business.”

William E. Redmond, Jr., President and CEO of General Chemical, noted, “This accretive outcome for all of our shareholders is fundamentally based on the strength and dedication of each of our 540 employees. Our partnership with American Securities over the past four years sharpened our strategic focus and enabled us to materially accelerate the value we have created over this time period. The General Chemical team looks forward to the next chapter in its over 100 year history.”

Weil, Gotshal & Manges LLP acted as legal advisor and Barclays and Key Bank acted as financial advisors to American Securities and General Chemical.

About General Chemical
General Chemical is a North American manufacturer of a broad portfolio of inorganic chemical products, which operates three business units: Water Treatment Chemicals, Sulphuric Acid, and Specialty Chemicals. The company operates 45 facilities across the United States and Canada with 540 employees. General Chemical serves a diverse customer base in a variety of end markets, including municipal water treatment, general industrial production, pulp and paper, food and beverage, agriculture, and pharmaceuticals.

About American Securities
Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $500 million to $2 billion. American Securities and its affiliates have approximately $10 billion under management. American Securities is currently investing from its sixth fund. The firm traces its roots to a family office founded in 1947 to invest and manage a share of the fortune created from the growth of Sears, Roebuck & Co in the early 1900s. More information about American Securities can be found at www.american-securities.com.

SOURCE American Securities LLC