Private equity firm Lone Star Funds is nearing an agreement to acquire chemical producer AOC from CVC Capital Partners, people familiar with the matter said.
The deal to buy the composite resins business for more than $2 billion could be announced in the coming days, said the people, asking not to be identified because the information is private.
Lone Star emerged as the frontrunner at the end of June, moving ahead of other suitors, people familiar previously said. CVC acquired Alpha Corp. in 2018 and combined it with an existing portfolio company, later re-branding them as AOC. The company supplies resins for use in the construction, automotive and marine industries, according to its website.
Related News: M&A Boom Shows No Sign of Stopping After Epic First Half
A surge in buyout activity has contributed to a deal volume of $2.5 trillion in the first half of 2021, which puts this year on track to be the most active ever. Private equity firms have started spending their significant amounts of dry powder, sealing more than $550 billion of deals in the busiest six months on record, according to data compiled by Bloomberg.
Source Bloomberg
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