Private Equity Consortium’s $510 Million Acquisition of DuPont Clean Tech Business

Kirkland & Ellis LLP and Walkers represented a private equity consortium, and Shearman & Sterling LLP and Squire Patton Boggs provided legal counsel to Dussur, while Ballard Spahr LLP acted as legal counsel to DuPont on the deal.

A private equity consortium consisting of BroadPeak Global LP, Asia Green Fund and The Saudi Arabian Industrial Investments Company completed its acquisition of the Clean Technologies business of DuPont de Nemours, Inc. for $510 million. As part of the transaction, Tensile Capital Management LP provided preferred equity financing.

BroadPeak Global LP (“BroadPeak Global”) is an independent private equity firm dedicated to opportunistic buyouts and special situations transactions in the global industrials, materials and chemicals sectors.

Asia Green Fund (“AGF”) is a private equity firm, with approximately $2.0 billion in assets under management, that specializes in the industrials and business services sectors with a focus on technology-enabled green impact investments.

The Saudi Arabian Industrial Investments Company (“Dussur”) is a strategic industrial investment firm that aims to deliver maximum developmental impact on the Saudi Arabian economy in line with Saudi Vision 2030.

Tensile Capital Management (“Tensile”) is a San Francisco-based investment firm managing $1.6 billion in committed capital through an “evergreen” fund structure.

DuPont de Nemours, Inc. (NYSE: DD) is a global innovation leader with technology-based materials, ingredients and solutions that help transform industries and everyday life.

Credit Suisse AG Singapore branch provided committed debt financing for the transaction. Deutsche Bank Securities Inc. acted as sole M&A advisor to the consortium. Centerview Partners LLC served as financial advisor to DuPont.

The Kirkland team representing the consortium was led by transactional partners Bill Benitez (Picture) and Erik Shoemaker and associates Mark Kunzman and Ryan McNamara; investment funds partner Matt Nadworny and associate Samara Sanderson; debt finance partner Manas Chandrashekar and associate Yang Zhao; international trade and national security partner Mario Mancuso and associate Matt O’Hare; and tax partners Mark Dundon and Bill Dong.

The Walkers team was led by Cayman Islands partner Bicrom Das with assistance from associates Jennifer Sangaroonthong, Erin Panton and Sophie Dibb.

Involved fees earner: William Benitez – Kirkland & Ellis; Manas Chandrashekar – Kirkland & Ellis; William Dong – Kirkland & Ellis; Mark Dundon – Kirkland & Ellis; Mark Kunzman – Kirkland & Ellis; Mario Mancuso – Kirkland & Ellis; Ryan McNamara – Kirkland & Ellis; Matt Nadworny – Kirkland & Ellis; Matthew O’Hare – Kirkland & Ellis; Samara Sanderson – Kirkland & Ellis; Erik Shoemaker – Kirkland & Ellis; Yang Zhao – Kirkland & Ellis; Bicrom Das – Walkers Global; Sophie Dibb – Walkers Global; Erin Panton – Walkers Global; Jennifer Sangaroonthong – Walkers Global;

Law Firms: Kirkland & Ellis; Walkers Global;

Clients: Asia Green Fund; BroadPeak Global; Saudi Arabian Industrial Investments Company;

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Author: Ambrogio Visconti