CENTER
VALLEY, Pa. and RADNOR,
Pa., Nov. 21, 2017
/PRNewswire/ -- Avantor, Inc., a global supplier of
ultra-high-purity materials for the life sciences and advanced
technology industries, today announced the successful completion of
its acquisition of VWR Corporation (NASDAQ: VWR), the leading
global independent provider of product, supply chain, and service
solutions to laboratory and production customers. VWR will operate
as a wholly-owned subsidiary of Avantor. Michael Stubblefield, Chief Executive Officer of
Avantor, will lead the combined company.
The acquisition reflects an enterprise value of approximately
$6.5 billion for VWR, with
stockholders receiving $33.25 per
share in cash. As a result of the closing of the transaction, VWR
common stock will cease trading today on the Nasdaq Stock
Market.
"The completion of this acquisition marks the beginning of an
exciting new chapter for our combined organization," said Mr.
Stubblefield. "The new Avantor is a leading global provider of
discovery-to-delivery solutions that offer more value to customers
along with an additional layer of supply chain security."
"With enhanced scale and favorable long-term industry dynamics,
we are well positioned to accelerate growth, benefiting from deeper
access to the high-growth biopharma, industrial, and applied
research sectors. Together we have increased reach and direct
channel access, customized logistics and product requirements, and
a strong local presence in both developed and emerging markets.
Just as important, the combined company will create new
opportunities for our stakeholders, including our employees,
customers and the industries in which we operate."
Stubblefield continued, "We are pleased with the significant
progress that our cross-functional teams have made through the
integration planning process. We intend to successfully combine the
best attributes of our operational models, harmonize processes and
expand our product and service solutions to best serve our
customers. These efforts will create a foundation for success well
into the future."
Manuel Brocke-Benz, former Chief
Executive Officer of VWR, commented, "By executing on our business
plan and growth strategy, VWR built a truly differentiated company,
with broad global distribution capabilities and a breadth of
essential products, services and technology offerings for
laboratory and production customers around the world. I have every
confidence that combining VWR with Avantor's expertise in
high-purity materials will enable the new organization to even
better meet our global customers' evolving needs."
New Mountain Capital will be the lead shareholder of the
combined company. As part of the transaction, the Goldman Sachs
Merchant Banking Division is leading an equity investment in the
company.
Matt Holt, Managing Director at
New Mountain Capital, said, "The combination of Avantor and VWR
creates a vertically integrated global company, optimally
positioned to drive growth in dynamic sectors and serve an
expanding global customer base. We look forward to our continued
partnership with management through its next phase of successful
value creation."
Avantor will be the corporate name of the new company, and the
VWR name will remain in place as one of the company's selling
channels, ensuring a seamless transition for customers and offering
the ability to continue ordering from vwr.com. Avantor will
maintain a strong presence in both the Lehigh Valley and Radnor, Pennsylvania regions.
Goldman Sachs, Jefferies LLC, Barclays and JP Morgan acted as
financial advisors to Avantor, and Simpson Thacher & Bartlett
LLP acted as legal advisor to Avantor. BofA Merrill Lynch acted as
exclusive financial advisor to VWR, and Kirkland & Ellis LLP
acted as legal advisor.
About Avantor
Avantor is a leading global provider of integrated, tailored
solutions for the life sciences and advanced technology industries.
Strengthened by the recent acquisition of VWR, the Company is a
trusted end-to-end partner to customers and suppliers from
discovery to delivery. With operations in more than 30 countries
and a diverse portfolio that includes more than four million
products, Avantor enables customer success through innovation, cGMP
manufacturing and comprehensive service offerings. Collectively, we
set science in motion to create a better world.
For more information visit www.settingscienceinmotion.com.
About New Mountain Capital
New Mountain Capital is a New
York-based investment firm focused on long-term
business-building and growth investments. The firm currently
manages private equity, public equity, and credit funds with over
$20 billion in assets under
management. New Mountain seeks out what it believes to be the
highest quality growth leaders in carefully selected "defensive
growth" industry sectors and then works intensively with management
to build the value of these companies. For more information on New
Mountain Capital, please visit www.newmountaincapital.com.
About Goldman Sachs
Founded in 1869, The Goldman Sachs Group, Inc., is a leading
global investment banking, securities and investment management
firm. Goldman Sachs' Merchant Banking Division (GS MBD) is the
primary center for the firm's long-term principal investing
activity. With nine offices across seven countries, GS MBD is one
of the leading private capital investors in the world with equity
and credit investments across corporate, real estate, and
infrastructure strategies. Since 1986, the group has invested over
$170 billion of levered capital
across a number of geographies, industries and transaction types.
For more information on Goldman Sachs, please visit www.gs.com.
Forward-Looking Statements
This press release includes forward-looking statements that
relate to future results and events, and are based on Avantor's
current expectations. In some cases, you can identify these
statements by such forward-looking words as "anticipate,"
"believe," "confidence," "could," "estimate," "expect," "guidance,"
"intend," "may," "objective," "outlook," "plan," "project,"
"possible," "potential," "should," "will," and "would," or similar
words or expressions that refer to future events or outcomes.
Forward-looking statements in this press release include Avantor's
expectations regarding the combined business and prospects
following its combination with VWR, which are subject to risks,
uncertainties and other factors that could have a material adverse
impact on the actual results of the combined business.
CONTACTS:
Avantor
Media Contacts:
Allison Hosak
Senior Vice President, Global Communications
610.573.2661
allison.hosak@avantorinc.com
Daniel Yunger / Charlotte Stone
Kekst
212.521.4800
daniel.yunger@kekst.com / charlotte.stone@kekst.com
New Mountain Capital
Media
Contact:
Dana Gorman
Abernathy MacGregor
212.371.5999
dtg@abmac.com
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SOURCE VWR Corporation