Prince International Corporation, a portfolio company of American Securities LLC, has completed its acquisition of Ferro Corporation, which was previously announced on May 11, 2021. Prince paid $22.00 per share in an all-cash transaction valued at approximately $2.1 billion.
In conjunction with the closing of the transaction, the company will also combine with Chromaflo Technologies, a global provider of colorant technology solutions and also an American Securities portfolio company. The new company, renamed Vibrantz Technologies Inc., will be headquartered in Houston, Texas, and will be a global, diversified technology leader in advanced materials, color solutions and performance coatings with sales of approximately $2 billion. The newly combined company employs approximately 5,400 people and operates 63 manufacturing sites across six continents.
“I want to thank our employees who have worked so hard to get to this momentous occasion,” said D. Michael Wilson, president and chief executive officer at Vibrantz Technologies. “By combining Prince, Ferro and Chromaflo – all leaders in their own right – we have leading positions in highly attractive markets. We will be a company with strong material science and technology expertise to drive faster innovation, and our greater scale broadens our global footprint, enhancing our customer reach and giving us greater operational resilience. We have pulled leadership talent from all three companies to form a highly qualified management team.”
Vibrantz Technologies will operate in three business segments:
- Advanced Materials: specialty mineral and chemical additives for end-uses such as alkaline and lithium-ion batteries, electronic components, building and construction, agriculture and animal nutrition, and foundries.
- Color Solutions: dry powder pigments, pigment dispersions and liquid colorants for the paints and coatings, thermoset plastics and thermoplastics, and construction markets.
- Performance Coatings: high-performance glass coatings and porcelain enamel solutions for coatings, glass and other manufacturers.
“Today, we also launch and celebrate the Vibrantz Technologies brand and logo,” said Wilson. “The new name speaks to who we are – to our energy and boldness – and what we do, which is innovating to bring color, performance and vibrancy to life in countless products across a broad array of end markets, and the design of our logo reflects the global nature of our company.”
Wilson commented further that the company remains committed to ensuring customers continue to receive excellent performance in quality products and services and to making its integration process as seamless to customers as possible.
Barclays and Morgan Stanley & Co. LLC served as financial advisors for Prince and Kirkland & Ellis LLP served as legal counsel. Lazard Freres & Co. LLC, served as financial advisor for Ferro and Simpson Thacher & Bartlett LLP served as legal counsel.
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