INDIANAPOLIS, Nov. 1, 2016 /PRNewswire/ -- Vertellus Specialties Inc., a global manufacturer of fine and specialty chemicals, today announced that it completed the anticipated sale of substantially all of its U.S. and international assets to its prior term loan lenders, a group including Black Diamond Capital Management and Brightwood Capital Advisors, among others, on October 31, 2016.
The new Vertellus group of companies will have a much improved capital structure and increased financial flexibility to invest where management and the board of Vertellus see opportunities for growth. The Company will be led by the existing leadership team and continue to execute against its current strategic plan with a relentless focus on safety, quality, efficiency and growth.
"The completion of this transaction and our broader financial restructuring clearly underscore the value our lenders see in our strategy and team, while also opening new opportunities for Vertellus to invest to even better meet the needs of our customers," said Vertellus CEO, Richard Preziotti. "On behalf of the entire Vertellus team, I want to thank our customers, vendors, partners and all of the employees who helped to drive this process for their continued support as we worked toward this important milestone. We have a tremendous opportunity ahead of us, and I am confident the Vertellus team will rise to the challenge to further our position as an industry leader and trusted partner."
The Chapter 11 filing and sale did not include the sodium borohydride business, Vertellus Performance Chemicals ("VPC"), operating in Elma, WA. VPC will remain under the ownership of Wind Point Partners. Vertellus will continue to provide shared services to VPC. Over time, management oversight that Vertelllus provides to VPC will be scaled back and replaced with dedicated VPC resources.
Vertellus was advised in this transaction by DLA Piper, Jefferies and FTI Consulting. The lenders are advised in this transaction by Milbank, Tweed and Moelis & Company.
Vertellus is a global specialty chemicals company focused on the manufacture of ingredients used in pharmaceuticals, personal care, nutrition, agriculture, and a host of other market areas affected by trends favoring "green" technologies and chemistries. Vertellus is the #1 global producer of pyridine and picolines, specialty pyridine derivatives, DEET, castor oil derivatives and systems, and a world leader in vitamin B3, citrate polymer additives and systems as well as a leader in custom manufacturing of agriculture and pharma intermediates and actives. Vertellus benefits from a technically advanced global manufacturing base and has over 900 employees.
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SOURCE Vertellus Specialties, Inc.