Press Releases

Vertellus Previews Freshstat...Vertellus Announces Director...Vertellus announces new...
Vertellus is announcing...Vertellus is announcing...Vertellus Invests Resources...Vertellus Completes Chapter...VERTELLUS SPOTLIGHTS AT...VERTELLUS INTRODUCES THREE...VERTELLUS SHOWCASES AT...Upgrades at Vertellus...Vertellus and Palmer...VERTELLUS TO LAUNCH,...Vertellus Announces Completion...Vertellus Introduces Polycin®...FreshstatTM by Vertellus...Vertellus Announces Beta...Vertellus Introduces FreshstatTM...Young Women in...
Vertellus Media Statement...Vertellus Doubles Alkane...Vertellus Adds Chemistry...Vertellus Introduces CPC,...Vertellus Showcases Non-Toxic...Vertellus Spotlights Compounding...Vertellus’ Industry-Leading Zemac®...Vertellus Announces Beta...Vertellus Completes Purchase...Vertellus Announces Price...Vertellus to Showcase...
Vertellus Launches New...Vertellus to Acquire...Vertellus Acquires Pentagon...Vertellus Receives FSSC...Vertellus Introduces Reilline®...Vertellus Honored with...Vertellus Introduces Two...Vertellus keeps its...Vertellus Enhances Relationship...Vertellus Infrastructure Enhancements...Vertellus Launches New...Vertellus Property Transformed...Specialty Chemicals Provider...Vertellus Introduces Two...Vertellus Introduces NiaPro™...Vertellus Employees Receive...
Vertellus announces price...Vertellus is announcing...Price Increase Announcement...Vertellus Completes Upgrades...Vertellus Expands Production...
Archway Sales Inc....Vertellus Forges Strategic... Vertellus Selects...The Horn Company...The Horn Company...McCullough & Associates...Price Increase Announcement...
2VP Price Increase...Vertellus Appoints New...Vertellus to Announce...Price Increases for...Vertellus to Announce...Vertellus to Announce...Vertellus Announces Joint...
Vertellus to Announce...
Latest Releases 2016 2015 2014 2013 2012 2011 2010

Vertellus Completes Chapter 11 Sale, Poised for Growth as a Financially Stronger Company

Vertellus Completes Chapter 11 Sale, Poised for Growth as a Financially Stronger Company

 

INDIANAPOLIS, November 1, 2016 – Vertellus Specialties Inc., a global manufacturer of fine and specialty chemicals, today announced that it completed the anticipated sale of substantially all of its U.S. and international assets to its prior term loan lenders, a group including Black Diamond Capital Management and Brightwood Capital Advisors, among others, on October 31, 2016.

 

The new Vertellus group of companies will have a much improved capital structure and increased financial flexibility to invest where management and the board of Vertellus see opportunities for growth. The Company will be led by the existing leadership team and continue to execute against its current strategic plan with a relentless focus on safety, quality, efficiency and growth.

 

“The completion of this transaction and our broader financial restructuring clearly underscore the value our lenders see in our strategy and team, while also opening new opportunities for Vertellus to invest to even better meet the needs of our customers,” said Vertellus CEO, Richard Preziotti. “On behalf of the entire Vertellus team, I want to thank our customers, vendors, partners and all of the employees who helped to drive this process for their continued support as we worked toward this important milestone. We have a tremendous opportunity ahead of us, and I am confident the Vertellus team will rise to the challenge to further our position as an industry leader and trusted partner.”

 

The Chapter 11 filing and sale did not include the sodium borohydride business, Vertellus Performance Chemicals (“VPC”), operating in Elma, WA.  VPC will remain under the ownership of Wind Point Partners.  Vertellus will continue to provide shared services to VPC. Over time, management oversight that Vertelllus provides to VPC will be scaled back and replaced with dedicated VPC resources.

 

Vertellus was advised in this transaction by DLA Piper, Jefferies and FTI Consulting. The lenders are advised in this transaction by Milbank, Tweed and Moelis & Company.

 

About Vertellus: 

 

Vertellus is a global specialty chemicals company focused on the manufacture of ingredients used in pharmaceuticals, personal care, nutrition, agriculture, and a host of other market areas affected by trends favoring “green” technologies and chemistries. Vertellus is the #1 global producer of pyridine and picolines, specialty pyridine derivatives, DEET, castor oil derivatives and systems, and a world leader in vitamin B3, citrate polymer additives and systems as well as a leader in custom manufacturing of agriculture and pharma intermediates and actives. Vertellus benefits from a technically advanced global manufacturing base and has over 900 employees.