Chemical maker Zep going private in $692M sale

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.