Littlejohn to Acquire Cornerstone from H.I.G. Capital

7/20/17

GREENWICH, Conn.--(BUSINESS WIRE)--Littlejohn & Co.,, a private investment firm, today announced that it has signed a definitive agreement to acquire Cornerstone Chemical Company, a leading global manufacturer of key intermediate chemicals for high-value industrial and consumer applications, from an affiliate of H.I.G. Capital, LLC. Terms of the transaction were not disclosed.

Headquartered in Waggaman, LA, with a 65-year heritage, Cornerstone is a producer of a wide-range of chemicals, including acrylonitrile, melamine, sulfuric acid and other products to a diverse set of customers in high-growth end-markets. The Company operates a state of the art 800-acre chemical complex, optimally located in the U.S. Gulf Coast with full transportation and logistics capabilities, long-term onsite partners and significant infrastructure for expansion. Cornerstone employs approximately 460 people across North America and Europe.

Drew Greenwood, a Principal at Littlejohn,said, “Cornerstone is a market leader with deep customer relationships, favorable industry dynamics and numerous growth opportunities. We are delighted to be partnering with Cornerstone and its strong management team as the Company accelerates its growth and expansion plans.”

Greg Zoglio, Cornerstone’s CEO, added, “This is a very exciting new chapter for our company and a strong endorsement for Cornerstone and our highly talented workforce. We look forward to leveraging Littlejohn’s unique perspectives and industry insights in the years to come. We would also like to thank H.I.G for their partnership and support over the past six years.”

The transaction is subject to customary closing conditions and is expected to close in August 2017.

KeyBanc Capital Markets Inc. served as financial advisor to Cornerstone. Goldman Sachs is providing committed financing to Littlejohn.

About Littlejohn & Co., LLC

Littlejohn & Co. is a Greenwich, Connecticut-based investment firm focused on private equity and debt investments primarily in middle market companies. With over $4 billion under management, the Firm seeks to create long-term value for its investors and build sustainable success for its portfolio companies through a disciplined approach to engineering change. For more information about Littlejohn, visit http://www.littlejohnllc.com.

About Cornerstone Chemical Company

Headquartered in Waggaman, LA, Cornerstone is a producer of a wide-range of intermediate chemicals, including acrylonitrile, melamine, sulfuric acid and other products to a diverse set of customers in high-growth end-markets. The Company operates a state of the art 800-acre chemical complex, located in the U.S. Gulf Coast with full transportation and logistics capabilities, long-term onsite partners and significant infrastructure for expansion. Cornerstone employs approximately 460 people across North America and Europe.

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