ST. LOUIS, Dec. 14, 2016 /PRNewswire/ --Vectra Co. ("Vectra"), a leading technology-driven diversified company serving global markets, announced today that it has signed a definitive agreement to sell its Borchers business division to affiliates of The Jordan Company, L.P. ("Jordan"), a U.S.-based private equity firm with original capital commitments in excess of $8 billion.
Under Vectra's ownership, Borchers has continued to expand its global footprint throughout Europe, Asia and North America. It continues to develop cutting edge technical know-how that provides custom solutions across a full range of services relating to additives for colorants and coatings. As part of the divestiture, it is anticipated that the existing management team at Borchers and its approximately 150 employees will remain with the business upon the closing. While terms of the agreement were not disclosed, the transaction is expected to close in the first quarter of 2017, subject to the fulfillment of customary closing conditions.
"We look forward to partnering with Devlin Riley and the rest of the Borchers team to support the next phase of the company's development," said Erik J. Fagan, a Partner at The Jordan Company, L.P. "The company's innovative product development, reliability, brand recognition and long-standing customer relationships make Borchers a strong fit for our investment strategy."
"The Borchers business is a well performing and high-quality business. With today's announcement, Vectra is demonstrating its commitment to streamlining its portfolio and optimizing its value, fully focused on growth and profitability improvement in our businesses. Today's announcement is testament to the strength of the Borchers' brand, and the quality of its management and employees," said Jim Voss, Vectra's CEO.
"We greatly enjoyed working with the broader Vectra team, and have appreciated their support for our expansion and investment strategy. With Jordan, we welcome a new investor with expertise in investing in chemical companies, and we are excited to work with them to continue our growth and innovation story," said Devlin Riley, Borchers' President.
Moelis & Company acted as the lead financial advisor to Vectra, and Paul, Weiss, Rifkind, Wharton & Garrison LLP and O'Melveny & Myers LLP (with respect to environmental matters) acted as its legal advisors on the transaction. Credit Suisse Securities (USA) LLC also acted as an advisor to Vectra. Legal advisor to Jordan is Mayer Brown LLP.
About Vectra Co.
VECTRA is a technology-driven diversified industrial company serving attractive global markets, including automotive systems, electronic devices, aerospace and defense, industrial and medical. Its business platforms use technology to address customers' complex applications and demanding requirements. For more information, visit Vectra's website at www.vectraco.com
About The Jordan Company, L.P.
JORDAN, founded in 1982, is a middle-market private equity firm that manages funds with original capital commitments in excess of $8 billion. Jordan has a 34-year track record of investing in and contributing to the growth of many businesses across a wide range of industries. Headquartered in New York, Jordan also has an office in Chicago. For more information, visit Jordan's website at www.thejordancompany.com
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SOURCE Vectra Co.