Chemical maker Zep going private in $692M sale
The cash-and-stock deal will see the industrial chemical company owned by private equity firm New Mountain Capital
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NEW YORK—Commercial and industrial chemical products company Zep Inc. is being taken private in a $692 million sale including assumed debt to private equity firm New Mountain Capital.
Under the deal, Zep shareholders will receive $20.05 in cash per share, a 17.3 per cent premium over Zep’s closing price on April 7. The stock portion of the deal is worth about $462 million. The total value of the deal includes net debt being assumed by the buyer.
The deal is expected to close in the third calendar quarter of 2015.