ACETO Corporation has announced the sale of its chemical business assets to a New Mountain Capital (NMC) affiliate. The transaction is subject to approval of the U.S. Bankruptcy Court at a hearing scheduled for April 16, 2019, and is expected to close in this calendar quarter, subject to satisfaction of certain conditions. ACETO is engaged in the development, marketing, sale and distribution of Human Health products, Pharmaceutical Ingredients and Performance Chemicals. NMC is a leading investment firm with over $20 billion in assets under management.
“We are very pleased by the value realized, through the sales process, for the global sourcing network, regulatory and technical expertise and established customer base associated with Aceto’s chemicals business assets. The transaction with New Mountain Capital provides the company’s chemical-related businesses with deep capital resources to invest in growth opportunities for the benefit of their customers and suppliers,” said William C. Kennally III, Chief Executive Officer of Aceto.
“Aceto is a leader in its space, and we are excited to partner with the team to support the next phase of growth,” said Andre Moura, Managing Director at New Mountain Capital. “We look forward to working closely with management to help the Company realize its full growth potential by scaling capabilities in key markets and investing in new organic and inorganic initiatives while maintaining the high level of quality and reliability which have always been the hallmarks of Aceto’s success.”