Background
- Evonik Industries AG (Evonik) is a Germany based company offering specialty and commodity chemical products
- Evonik’s US betaines business specializes in manufacturing various amphoteric surfactant betaine formulations and specialty esters
- Kensing LLC (Kensing) is a manufacturer of specialty chemicals across the personal care, home care, and health sectors
- One Rock Capital Partners (ORCP) is a private equity firm specializing in middle-market companies operating in chemicals and process industrials. ORCP acquired Kensing and the associated business of BASF in July 2021
Process
- DC Advisory (DC) was exclusively engaged by Evonik to provide sell-side financial advice
- DC orchestrated a competitive marketing process, targeting high value partners that would view the business as an attractive strategic fit
Outcome
- Evonik closed on the sale of its US betaine business to Kensing on October 31, 2022
- The divestiture represents a key step for Evonik as it continues to increase its emphasis on sustainability as the central driver of innovation
- The transaction also represents a strategic acquisition for Kensing, a business known for its product quality and technical leadership, enabling the business to expand its existing surfactant and specialty esters product offerings
- This transaction reinforces DC’s expertise within the chemicals markets and highlights our extensive cross border capabilities
“We are proud to have assisted Evonik, a global industrial client, in achieving this successful outcome within its strategic repositioning initiative - Kensing is as an excellent partner for the future of the business.”
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