Shareholders Receive $36.15 Per Share in Cash
DOWNERS
GROVE, Ill. and NEW
YORK, Aug. 1, 2023 /PRNewswire/ -- Univar
Solutions Inc. ("Univar Solutions" or the "Company") and Apollo
(NYSE: APO) today announced that Apollo Funds have completed the
previously announced acquisition of the Company, which includes a
minority investment from a wholly owned subsidiary of the Abu Dhabi
Investment Authority. The Company will continue to operate under
the Univar Solutions name and brand and maintain its global
presence.
Univar Solutions Completes Transaction with
Apollo Funds
David Jukes, president and chief
executive officer of Univar Solutions, said, "The completion of
this transaction begins the next chapter for Univar Solutions as we
further enhance our position as a leading global chemical and
ingredients solutions provider with enhanced flexibility to explore
growth opportunities for the benefit of customers, suppliers,
employees, and industry alike. I couldn't be more pleased to be in
such an advantaged position due to our broad product offering and
enhanced presence in target growth end markets, award winning
customer experience, leading digital tools, and expanded suite of
service capabilities."
Apollo Private Equity Partner Sam Feinstein said, "We are
excited to partner with David and the talented Univar Solutions
team to build on the Company's strong foundation and track record
of innovation, leveraging our extensive industry experience. We
have strong conviction in Univar's potential and look forward to
embarking on a number of exciting initiatives to help accelerate
the Company's growth."
Transaction Details
Pursuant to the terms of the transaction, an affiliate of the
Apollo Funds acquired all of the outstanding shares of Univar
Solutions stock. Shareholders are entitled to receive $36.15 in cash for each share of Univar Solutions
(UNVR) common stock owned. As a result of the transaction
completion, Univar Solutions' common stock no longer trades on the
New York Stock Exchange.
Advisors
Goldman Sachs & Co. LLC and Deutsche Bank Securities Inc.
served as financial advisors to Univar Solutions and Wachtell,
Lipton, Rosen & Katz served as lead counsel to Univar
Solutions.
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal
counsel to the Apollo Funds.
J.P. Morgan Securities LLC acted 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 served as financial advisors to Apollo.
Cleary Gottlieb Steen &
Hamilton LLP served as legal counsel to ADIA.
Forward-Looking Statements and Information
This communication contains forward-looking statements as that
term is defined in Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended by the Private Securities Litigation Reform Act of
1995. Forward-looking statements generally can be identified
by words such as "believes," "expects," "may," "will," "should,"
"could," "seeks," "intends," "plans," "estimates," "anticipates" or
other comparable terms. All forward-looking statements made
in this communication are qualified by this cautionary
language.
Forward-looking statements are subject to known and unknown
risks and uncertainties, many of which may be beyond the Company's
control. Potential factors that could affect such
forward-looking statements include, among others: general economic
conditions, particularly fluctuations in industrial production and
consumption and the timing and extent of economic downturns;
significant changes in the business strategies of producers or in
the operations of customers; increased competitive pressures,
including as a result of competitor consolidation; potential supply
chain disruptions; significant changes in the pricing, demand and
availability of chemicals; potential cybersecurity incidents,
including security breaches; the Company's indebtedness, the
restrictions imposed by, and costs associated with, its debt
instruments, and its ability to obtain additional financing; the
broad spectrum of laws and regulations that the Company is subject
to, including extensive environmental, health and safety laws and
regulations and changes in tax laws; an inability to generate
sufficient working capital; transportation related challenges,
including increases in transportation and fuel costs, changes in
the Company's relationship with third party transportation
providers, and ability to attract and retain qualified drivers;
accidents, safety failures, environmental damage, product quality
issues, delivery failures or hazards and risks related to its
operations and the hazardous materials it handles; potential
inability to obtain adequate insurance coverage; ongoing
litigation, potential product liability claims and recalls, and
other environmental, legal and regulatory risks; challenges
associated with international operations; exposure to interest rate
and currency fluctuations; an inability to integrate the business
and systems of companies it acquires, including failure to realize
the anticipated benefits of such acquisitions; possible impairment
of goodwill and intangible assets; its ability to attract or retain
a qualified and diverse workforce; negative developments affecting
its pension plans and multi-employer pensions; labor disruptions
associated with the unionized portion of its workforce; its ability
to execute on its initiatives and goals related to environmental,
social, and governance ("ESG") matters and the increasing legal and
regulatory focus on ESG; the impacts resulting from the conflict in
Ukraine or related geopolitical
tensions; the ability of the Company to successfully recover from a
disaster or other business continuity problem due to a hurricane,
flood, earthquake, terrorist attack, war, conflict, pandemic,
security breach, cyber-attack, power loss, telecommunications
failure or other natural or man-made event, including the ability
to function remotely during long-term disruptions such as the
COVID-19 pandemic; the impact of public health crises, such as
pandemics (including the COVID-19 pandemic) and epidemics and any
related Company or governmental policies and actions to protect the
health and safety of individuals or governmental policies or
actions to maintain the functioning of national or global economies
and markets, including any quarantine, "shelter in place," "stay at
home," workforce reduction, social distancing, shut down or similar
actions and policies; actions by third parties, including
government agencies; and the other factors described in the
Company's filings with the SEC. For additional information
concerning factors that could cause actual results and events to
differ materially from those projected herein, please refer to the
Company's most recent Annual Report on Form 10-K for the fiscal
year ended December 31, 2022, and to
other documents filed by the Company with the SEC, including
subsequent Current Reports on Form 8-K and Quarterly Reports on
Form 10-Q. We caution you that the forward-looking
information presented in this communication is not a guarantee of
future events or results, and that actual events or results may
differ materially from those made in or suggested by the
forward-looking information contained in this communication.
Any forward-looking statements represent the Company's views
only as of the date of this communication and should not be relied
upon as representing the Company's views as of any subsequent date,
and the Company undertakes no obligation, other than as may be
required by law, to update any forward-looking statement.
About Univar Solutions
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. While fulfilling its purpose to help keep communities
healthy, fed, clean and safe, Univar Solutions is committed to
helping customers and suppliers innovate and focus on Growing
Together. Learn more at univarsolutions.com.
About Apollo
Apollo is a high-growth, global alternative asset manager. In
our asset management business, we seek to provide our clients
excess return at every point along the risk-reward spectrum from
investment grade to private equity with a focus on three investing
strategies: yield, hybrid, and equity. For more than three decades,
our investing expertise across our fully integrated platform has
served the financial return needs of our clients and provided
businesses with innovative capital solutions for growth. Through
Athene, our retirement services business, we specialize in helping
clients achieve financial security by providing a suite of
retirement savings products and acting as a solutions provider to
institutions. Our patient, creative, and knowledgeable approach to
investing aligns our clients, businesses we invest in, our
employees, and the communities we impact, to expand opportunity and
achieve positive outcomes. As of March 31,
2023, Apollo had approximately $598
billion of assets under management. To learn more, please
visit www.apollo.com.
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SOURCE Univar Solutions Inc.
