Acquisition by New Mountain Capital of the assets of the chemicals business from ACETO Corporation – Global Legal Chronicle

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Lowenstein Sandler LLP is acting as legal counsel to Aceto. PJT Partners LP acts as Aceto’s financial advisor and investment banker to lead the sales process in the bidding process. AP Services, a subsidiary of AlixPartners LLP, is also CFO and advisor to Aceto. Ropes and Gray LLP is acting as legal counsel to New Mountain. CIM Partners LLC is acting as financial advisor to New Mountain.

ACETO Corporation (OTC: ACETQ), an international company engaged in the development, marketing, sale and distribution of human health products, pharmaceutical ingredients and performance chemicals, has agreed to sell its chemical assets to a a subsidiary of New Mountain Capital (“NMC”), a leading growth-oriented investment firm with more than $ 20 billion in assets under management.

The asset purchase agreement was entered into following the completion of a court-supervised sale process conducted under Section 363 of the United States Bankruptcy Code. As part of this process, an asset purchase agreement between Aceto and NMC was signed, dated February 18, 2019, to sell the assets of the chemical company as a “stalker contract”. After receiving a qualified bid from another bidder reflecting higher and / or better terms, a court-supervised sales process took place on April 12, 2019. Ultimately, NMC was selected as the successful bidder. The transaction is subject to US bankruptcy court approval at a hearing scheduled for April 16, 2019 and is expected to close during this calendar quarter, subject to certain conditions being met.

The Ropes & Gray team was led by M&A partner John Sorkin (Photo), special situations partner Robb Tretter and corporate restructuring partner Matthew Roose.

Remunerator of the costs involved: Matthew Roose – Ropes and Grays; John Sorkin – Ropes and Gray; Robb Tretter – Ropes and grays;

Law firms: Ropes & Gray;

Customer base : New mountain capital;

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