Wind Point Partners Acquires Vertellus Specialties Inc13 Dec 2007 • by Natalie Aster
CHICAGO, IL -- Wind Point Partners, a private equity investment firm, has announced that it has acquired Vertellus Specialties Inc. ("Vertellus") in partnership with Richard ("Rich") Preziotti.
Consistent with Wind Point's investment strategy of partnering with a top caliber CEO, Rich Preziotti will assume the role of CEO of Vertellus upon close. Rich has more than 16 years of experience leading global chemical businesses. Most recently, Rich was Vice President and General Manager of Honeywell Chemical and Fluorine Products, a $1.2 billion manufacturer of performance, fine, life science and fluorine chemicals.
Vertellus, based in Indianapolis, is a leading manufacturer of high value specialty chemicals used in the agroscience, nutrition, pharmaceutical, personal care and performance material markets. Vertellus is the leading global producer of pyridine and picoline chemicals that function as key intermediates in the manufacturing of herbicides, insecticides, biocides and a range of pharmaceutical and industrial products. The company is also the world's second largest producer of vitamin B-3 for both animal feed and human consumption.
"Vertellus is a solid platform and an excellent addition to Wind Point's portfolio," said Alex Washington, a managing director at Wind Point. "We are confident that Rich and the management team at Vertellus will create significant value over the lifetime of our ownership through both organic and acquisition based growth."
"Vertellus is a market leader with unique technology and world class manufacturing capabilities," said Rich Preziotti. "I look forward to working with the management team and Wind Point to realize the potential of this business by maximizing productivity, increasing sales of pyridine and picoline derivative products, and driving further company growth in natural polyols and niche specialty markets."
Legal counsel on this transaction was provided by DLA Piper. National City acted as Administrative Agent and Lead Arranger on the first lien debt financing and Silver Point Capital acted as Administrative Agent and Lead Arranger on the second lien debt financing.
About Wind Point Partners
Wind Point Partners is a private equity investment firm with $2 billion in capital under management. Wind Point focuses on partnering with top caliber management teams to acquire solid middle market businesses with a clear path to value creation.
About Vertellus Specialties Inc.
Headquartered in Indianapolis, Vertellus develops and manufactures specialty chemicals used in pharmaceuticals, personal care, nutrition, agriculture, and performance materials markets. Vertellus is the leading global producer of pyridine and picolines, specialty pyridine derivatives, DEET, castor oil derivatives and systems, and citrate polymer additives and systems, and is the world's second largest producer of vitamin B-3. The company has a global manufacturing presence and approximately 750 employees.