The chemical maker Platform Specialty Products acquires Arysta LifeScience, crop protection and life science company, for about $3.51 billion.
Arysta LifeScience has been owned since 2008 by a company sponsored by Permira, the European private equity company.
“This is a watershed event for Platform,” said Martin E. Franklin, Platform Specialty’s founder and chairman
Mr. Frankin is also executive chairman of the consumer goods company Jarden Corporation, whose brands include Mr. Coffee, Coleman, Rawlings and the Yankee Candle Company.
Arysta LifeScience, founded in 2001, produces herbicides, fungicides and insecticides like for example ATONIK for stimulating natural plant processes, as well as products for livestock health and ingredients used in pharmaceuticals for humans and cosmetics. Its products include anti/mite treatment for honey bees called Apivar.
Arysta LifeScience’s President and CEO Wayne Hewett is expected to serve as Platform Specialty’s president and led next three agrochemical businesses of company: Chemtura AgroSolutions, Arysta and Agriphar.Wayne Hewett came to Arysta after 20 years managing various international divisions of General Electric.
Platform Specialty Products, based in Miami, provides specialty chemicals to a variety of sectors, including the metal and plastic plating, graphic arts, eletronics and offshore oil production and drilling industries.
Platform Specialty Products was advised by Barclays, Credit Suisse, UBS and Nomura Securities and the law firms Greenberg Traurig and Kane Kessler.
Permira’s advisors were Morgan Stanley, JPMorgan Chase and the law firm Skadden, Arps, Slate, Meagher & Flom.
The deal is subject to regulatory approval is expected to close in the first quarter of 2015. It will be financed using a combination of cash, equity and debt.
Mr. Stakebay says:
The deal helps to increase Platform Specialty’s offerings of methods for protecting crops, including insecticides and herbicides. After deal, Platform Specialty will have footprint in more than 100 countries and cost savings about $65 million over the next three years. Sales coming from Africa Central and Eastern Europe, Latin America, China and South Asia makes 65 percent of Platform Specialty’s sales.
President, CEO of PSP Corp………..DANIEL H. LEEVER……(2013-present)…….$ 5 416 573 (2013)
President and CEO of Arysta …………WAYNE HEWETT……..(2009-present)……… $ 209 946 (2013)