Boston, Massachusetts – Cabot Corp. has entered into an agreement to sell its purification solutions business to One Equity Partners, a middle market private equity firm.
The transaction is valued at $111 million (€98 million) and is subject to “certain debt-like and other closing adjustments,” Cabot said 26 Nov.
Cabot’s Purification Solutions business specialises in high-performing activated carbon used for purification of raw materials, intermediates and end products for the chemical industry.
“This transaction will allow us to focus resources on our core business segments and invest in areas where we see strong future growth and innovation potential for Cabot,” said president and CEO Sean Keohane.
These areas, Keohane added, include battery materials.
“We believe the business is well-positioned to begin executing on a number of strategic growth initiatives,” said Joe Huffsmith, managing director, OEP.
“We look forward to partnering with the talented team and providing the company with the resources to accelerate its growth and build it into a global leader in activated carbon.”
In fiscal 2021, the business generated $257 million in revenue.
Cabot anticipates that the transaction will close during its second fiscal quarter of 2022.