Lone Star Funds (“Lone Star”) announced the signing by Lone Star Fund XI, LP of a definitive agreement to sell AOC, a global specialty chemicals company, to Nippon Paint Holdings Co., Ltd. (“NPHD”).
AOC is a manufacturer of specialty chemical formulations in the unsaturated polyester and vinyl ester sectors. With operations in North America, Europe and Asia, AOC serves customers globally in the infrastructure, construction (residential and commercial), transportation, and recreation sectors.
Joe Salley, Chief Executive Officer of AOC said, “I would like to thank Lone Star for their support and partnership over the last three years. I would also like to thank our outstanding management team and employees for their tireless efforts to deliver best-in-class results for our customers and shareholders. We are excited about the opportunities that lie ahead as we join Nippon Paint Group, a company that shares our commitment to integrity, quality and innovation.”
The transaction is subject to certain closing adjustments and conditions, including regulatory clearances, and is expected to close in the first half of 2025.