Univar Solutions and Apollo announced that funds managed by affiliates of Apollo have entered into a definitive merger agreement to acquire the company in an all-cash transaction that values Univar Solutions at an enterprise value of approximately $8.1 billion.

WHO: Univar Solutions is a leading global specialty chemical and ingredient distributor representing a premier portfolio from the world's leading producers. With the industry's largest private transportation fleet and technical sales force, unparalleled logistics know-how, deep market and regulatory knowledge, formulation and recipe development, and leading digital tools, the company is well-positioned to offer tailored solutions and value-added services to a wide range of markets, industries, and applications.

Apollo is a high-growth, global alternative asset manager. In its asset management business, it seeks to provide their clients excess return at every point along the risk-reward spectrum from investment grade to private equity, focusing on three investing strategies: yield, hybrid, and equity. As of December 31, 2022, Apollo had approximately $548 billion of assets under management.

IN THEIR OWN WORDS: "We are pleased to have reached this agreement with Apollo, which will provide immediate and certain cash value for Univar Solutions shareholders," said Chris Pappas, Chairman of the Univar Solutions Board of Directors. "The Board's decision follows a comprehensive review of value creation opportunities for Univar Solutions. We are confident this transaction is the right path forward and achieves our goal of maximizing value for Univar Solutions shareholders."

David Jukes, President and Chief Executive Officer of Univar Solutions, said, "Over the last three years, we have transformed the Company, putting the customer at the center of all we do, which has solidified our position as a leading value-added service and solution provider. This transaction reflects the success of our strategy and delivers substantial value to our shareholders. It is a testament to the tireless efforts of my colleagues, whose commitment to our purpose of helping keep our communities healthy, fed, clean, and safe has enabled our success. In Apollo, we are pleased to gain a partner to support continued investment in our portfolio and I look forward to working closely with their team as we grow Univar Solutions and serve our key suppliers and customers globally."

Apollo Private Equity Partner Sam Feinstein said, "Univar is a global leader in specialty chemicals and ingredients distribution, fueling a vast array of industries with innovative, safe and sustainable solutions. In recent years, David and his team have made tremendous progress enhancing the customer experience, and we believe Univar can accelerate its long-term strategy as an Apollo Fund portfolio company. We look forward to leveraging our extensive experience in the sector to support management in this exciting next phase."

DETAILS: 

• Apollo has entered into a definitive merger agreement to acquire Univar Solutions in an all-cash transaction that values the business at an enterprise value of approximately $8.1 billion. 
• The transaction includes a minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority.
• The merger agreement, which the Univar Solutions Board of Directors has unanimously approved, provides that Univar Solutions shareholders will receive $36.15 in cash for each share of common stock they own.
• The transaction will be financed with equity provided by Apollo Funds, a minority equity investment from a wholly owned subsidiary of ADIA, and a committed debt financing package.
• Upon completion of the transaction, shares of Univar Solutions common stock will no longer trade on the New York Stock Exchange, and Univar Solutions will become a privately held company. Univar Solutions will continue to operate under the Univar Solutions name and brand and maintain a global presence.
• Goldman Sachs & Co. LLC and Deutsche Bank Securities Inc. are serving as financial advisors to Univar Solutions and Wachtell, Lipton, Rosen & Katz is serving as lead counsel to Univar Solutions.
• Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to  Apollo Funds.
• J.P. Morgan Securities LLC is acting as lead financial advisor to Apollo. BMO Capital Markets, BNP Paribas Securities Corp., Credit Suisse, Guggenheim Securities, LLC, HSBC Securities (USA) Inc., Mizuho Securities USA LLC, RBC Capital Markets, LLC, and Wells Fargo Securities, LLC are also serving as financial advisors to Apollo.
• Cleary Gottlieb Steen & Hamilton LLP is serving as legal counsel to ADIA.