Indianapolis-based Vertellus Specialties Inc. has emerged from Chapter 11 bankruptcy following a deal with creditors. The specialty chemical manufacturer says a group including Black Diamond Capital Management and Brightwood Capital Advisors has acquired nearly all its U.S. and international assets.
Vertellus says it employs some 900 globally. DLA Piper, which was part of the legal team representing Vertellus, says the approximate price of the transaction was $454 million.
The sale did not include its Vertellus Performance Chemicals sodium borohydride business in Washington, which was not part of the original bankruptcy filing. Vertellus’ oversight of the business, which is owned by Wind Point Partners, will eventually be scaled back and replaced with dedicated VPC resources.
Vertellus Chief Executive Officer Richard Preziotti says "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. 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 company, which employed more than 240 at its Indianapolis plant prior to the bankruptcy, announced in August that it would lay off up to 50 Marion County workers as it closed a portion of its operations.