Triago Raises Capital for $510 Million Direct Deal on
NEW YORK, Jan. 31, 2022 (GLOBE NEWSWIRE) — Global private equity adviser Triago has raised a significant equity round for a $510 million corporate spin-off of the materials group’s cleantech business Diversified DuPont de Nemours, Inc. This large, complex, stand-alone transaction, conducted outside the structure of a traditional private equity fund, closed on December 31, 2021. Triago acted as exclusive global placement agent for BPGC Management LP (“BPCG”).
Based in St. Louis and renamed Elessent Clean Technologies, the acquired business is the leading global provider of technologies, products and processes that promote sustainability and carbon neutrality in the metals, fertilizer, chemical and refining industries. oil, with more than 60% market share in its sectors.
“Elessent is precisely the type of specific, analyzable, leading growth story that reassures sophisticated private equity investors at a time of heightened economic uncertainty,” said Triago Principal Sim Ketchum. “With Elessent’s partnership with an industry specialist like BPGC, the transaction has attracted a particularly bright array of investors.” A mix of common and preferred shares has been secured from family offices, institutional investors and sovereign wealth funds based in North America, Europe, the Middle East and the Asia-Pacific region.
BPGC, founded in 2020 by former executives of Invesco Private Capital and WL Ross & Co., manages more than $1 billion in investments across the materials, chemicals, industrials and construction sectors. maritime transport. It operates as one of the largest independent PE sponsors in the world.
“Triago is one of the most experienced advisors in the deal-to-deal space,” said Stephen Toy, Managing Partner and Co-Founder of BPGC. “They were an ideal partner for an extremely promising but complex stand-alone transaction such as this.” Exclusions from public companies typically take longer than transactions between individuals, and the industries in which Elessent operates have made the global regulatory and antitrust approvals required for the purchase more complicated than usual.
Credit Suisse provided debt for the transaction. Deutsche Bank Securities acted as M&A advisor and Kirkland & Ellis provided legal advice.
About Triago – With offices in New York, London, Paris and Dubai, Triago provides fundraising services, secondary transaction advice and strategic solutions for general partners and limited partners looking to maximize their success in the global capital market. investment. Founded in 1992 as one of the first placement agents for private equity funds, Triago has carried out more than 180 fundraising events on five continents and has advised the transfer of more than 3,000 private equity fund holdings on the secondary market on behalf of 200 customers around the world. Triago has also carried out more than 50 strategic advisory mandates with general partners and limited partners wishing to launch, boost or restructure private equity fund operations. Triago’s fastest growing sector in 2021 was direct advisory and co-investments. http://www.triago.com/
Contact: David Lanchner, [email protected], +33 6 33 43 50 76
Image 1: Triago directs
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