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Press release content from Business Wire. The AP news staff was not involved in its creation.
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Press release content from Business Wire. The AP news staff was not involved in its creation.

New Mountain Leads Recapitalization of Ascensus Specialties

July 7, 2021 GMT

NEW YORK--(BUSINESS WIRE)--Jul 7, 2021--

New Mountain Capital (“New Mountain”) announced today that it has acquired Ascensus Specialties (“Ascensus” or the “Company”), a leading U.S. based provider of specialty materials for use in critical life sciences and specialties markets and applications. Wind Point Partners (“Wind Point”), the former majority shareholder, will reinvest in the Company in partnership with New Mountain Capital through a special purpose vehicle raised in association with the transaction.

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Ascensus is the world leader in borohydride, borane and specialty alcoholates chemistries. The Company supplies a diversified portfolio of high-quality reagents and catalysts to a global customer base in the pharmaceutical, microelectronics, and other specialty end markets. Ascensus has built an excellent reputation in the market through its outstanding track record of reliability and differentiated level of application support, which have enabled the Company to achieve double-digit organic growth. The Company serves its global customer base today at its three facilities located in Elma, Washington, Evans City, Pennsylvania, and Newburyport, Massachusetts.

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Andre Moura, Managing Director at New Mountain, commented, “Through its outstanding track record as a supplier and thought partner to its customers, Ascensus has established itself as a leader in life sciences and specialty materials. The Company is strategically positioned as a key solutions provider to researchers and manufacturers in its high-growth end markets. We are excited to partner with Mike Huff and his team, as well as Wind Point, to support Ascensus in its next phase of growth, and look forward to helping the Company continue to enhance its value proposition to its customers.”

Mike Huff, CEO of Ascensus, stated, “I want to thank my team and our board of directors for their hard work and support. This is an exciting time for the Ascensus family. Wind Point continues to be a great partner, and New Mountain brings proven success in life sciences, with companies like Avantor, Gelest, Aceto, and ILC Dover. With this new partnership, Ascensus will have tremendous access to capital and resources to further invest behind R&D and product innovation in a transformative way.”

Alex Washington, Managing Director at Wind Point, stated, “Under Mike’s leadership, Ascensus has reinforced its position as the partner of choice for its customers in its demanding end markets. We are thrilled to partner together with Mike and the New Mountain team to continue to support Ascensus’ growth.”

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Simpson Thatcher & Bartlett LLP served as legal counsel to New Mountain. Debt financing was arranged by Antares Capital and KeyBanc Capital Markets. Jefferies LLC advised New Mountain Capital.

About Ascensus Specialties

Headquartered in Bellevue, Washington, Ascensus Specialties LLC is the global leader in borohydride, borane and specialty alcoholate reagents, CVD/ALC precursors, and high-purity APIs and cGMP materials. Ascensus chemistries improve the way its clients create their products by making what they do easier, more efficient, safer and more selective. The Company’s Strem Catalog provides researchers with high-purity, research-grade materials to drive innovation. From world-class production plants in Elma, Washington, Evans City, Pennsylvania, and Newburyport, Massachusetts, Ascensus has a global reach that ensures that clients can consistently manufacture their products to the highest standards.

Additional information about Ascensus is available at www.ascensusspecialties.com.

About New Mountain Capital

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit, net lease real estate and public equity funds with over $30 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies

Additional information about New Mountain Capital is available at www.newmountaincapital.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210707005819/en/

CONTACT: For New Mountain Capital:

Dana Gorman / Matthew Butler

Abernathy MacGregor

dtg@abmac.com/msb@abmac.com

212-371-5999

KEYWORD: WASHINGTON NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: GENERAL HEALTH PROFESSIONAL SERVICES HARDWARE CONSUMER ELECTRONICS TECHNOLOGY SEMICONDUCTOR SCIENCE CHEMICALS/PLASTICS BIOTECHNOLOGY FINANCE HEALTH OTHER SCIENCE MANUFACTURING

SOURCE: New Mountain Capital

Copyright Business Wire 2021.

PUB: 07/07/2021 02:05 PM/DISC: 07/07/2021 02:05 PM

http://www.businesswire.com/news/home/20210707005819/en