H.I.G. Capital Sells Cornerstone to Littlejohn
An affiliate of US private equity group H.I.G. Capital has sold Cornerstone Chemical to an affiliate of LittleJohn & Co., another private investment firm based in Greenwich, Connecticut, USA. Financial details were not disclosed.
Cornerstone produces chemical intermediates, including acrylonitrile, melamine and sulfuric acid, at its Fortier complex in Jefferson Parish, Louisiana. Since its carve-out from Cytec Industries in 2011, Cornerstone said it has focused on leveraging its North American petrochemical advantage to grow its global customer base and expand its portfolio.
In 2016, Cornerstone commissioned an 800,000 t/y ammonia plant at Fortier together with partner Dyno Nobel. The ammonia facility is integrated with Cornerstone’s plant infrastructure.
Greg Zoglio, Cornerstone’s CEO, said H.I.G. has been a “highly value-added partner,” helping to transform the Louisiana-based company into a “unique customer-driven platform with exciting growth opportunities ahead.”
The transaction, which remains subject to the usual closing conditions, is expected to complete in August.