New Mountain Capital’s Recapitalization of Ascensus Specialties

Simpson Thatcher & Bartlett LLP served as legal counsel to New Mountain, while Kirkland & Ellis advised Wind Point Partners in the transaction.

New Mountain Capital executed its acquisition of Ascensus Specialties Acquisition Corp. (“Ascensus Specialties”) from Wind Point Partners (“Wind Point”). In connection with the transaction, Wind Point will reinvest in Ascensus Specialties in partnership with New Mountain Capital through a special purpose vehicle raised in association with the transaction. 

Headquartered in Bellevue, Washington, Ascensus Specialties is the world leader in borohydride, borane and specialty alcoholates chemistries and supplies a diversified portfolio of high-quality reagents and catalysts to a global customer base in the pharmaceutical, microelectronics and other specialty end markets. 

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit, net lease real estate and public equity funds with over $30 billion in assets under management. 

Wind Point Partners is a leading private equity investment firm that partners with top caliber executives to acquire well-positioned middle market businesses where it can establish a clear path to value creation. 

Debt financing was arranged by Antares Capital and KeyBanc Capital Markets. Jefferies LLC advised New Mountain Capital.

The Simpson Thacher team advising New Mountain included Elizabeth Cooper (Picture), Ben Schaye, Austin Uhm, Molly Nelson and Aseda Ghartey-Tagoe (M&A); Christopher Brown, Benjamin Persina, Noah DeBlasi and Tina Zheng (Credit); Andrew Purcell and Dmitry Zelik (Tax); Greg Grogan and Andrew Blau (Executive Compensation and Employee Benefits); Genevieve Dorment, Melanie Jolson and Kate Mirino (IP); Peter Guryan and Max Fischer-Zernin (Antitrust); Vanessa Burrows (Healthcare); Adeeb Fadil and Noreen Lavan (Environmental); Krista McManus (Real Estate); and Steven DeLott (Insurance). Summer Associates Nicolle Heagney and Nate Yang provided valuable assistance.

The Kirkland team advising Wind Point Partners was led by investment funds partners Michael Belsley, John Muno, Mark Boyagi and Matthew Block.  

Involved fees earner: Michael Belsley – Kirkland & Ellis; Matthew Block – Kirkland & Ellis; Mark Boyagi – Kirkland & Ellis; John Muno – Kirkland & Ellis; Tina Zheng – Kirkland & Ellis; Vanessa Burrows – McDermott Will & Emery; Andrew Blau – Simpson Thacher & Bartlett; Christopher Brown – Simpson Thacher & Bartlett; Elizabeth Cooper – Simpson Thacher & Bartlett; Noah DeBlasi – Simpson Thacher & Bartlett; Steven DeLott – Simpson Thacher & Bartlett; Genevieve Dorment – Simpson Thacher & Bartlett; Adeeb Fadil – Simpson Thacher & Bartlett; Maxime Fischer-Zernin – Simpson Thacher & Bartlett; Essie Ghartey-Tagoe – Simpson Thacher & Bartlett; Gregory Grogan – Simpson Thacher & Bartlett; Peter Guryan – Simpson Thacher & Bartlett; Melanie Jolson – Simpson Thacher & Bartlett; Noreen Lavan – Simpson Thacher & Bartlett; Krista McManus – Simpson Thacher & Bartlett; Kate Mirino – Simpson Thacher & Bartlett; Molly Nelson – Simpson Thacher & Bartlett; Benjamin Persina – Simpson Thacher & Bartlett; Andrew Purcell – Simpson Thacher & Bartlett; Benjamin Schaye – Simpson Thacher & Bartlett; Austin Uhm – Simpson Thacher & Bartlett; Dmitry Zelik – Simpson Thacher & Bartlett;

Law Firms: Kirkland & Ellis; McDermott Will & Emery; Simpson Thacher & Bartlett;

Clients: New Mountain Capital; Wind Point Partners;

Author: Martina Bellini