KINGWOOD, TX — OCTOBER 21, 2012 — Rain CII Carbon LLC (RAIN CII) has agreed to acquire Rütgers N.V. (Rütgers), a Belgium-headquartered coal tar pitch (CTP) manufacturer, from funds advised by Triton (Triton).
On October 21, 2012 RAIN CII executed a share purchase agreement with Triton to acquire a 100% stake in Rütgers for a gross enterprise value of €702 million. RAIN CII is planning to fund the transaction through a combination of internal cash accruals and issue proceeds of €533 million of long term bonds. The transaction is expected to close in the 1st Quarter 2013, subject to the regulatory approvals and customary closing conditions.
The acquisition of Rütgers is complementary to RAIN CII’s core business of calcined petroleum coke (CPC). Expanding into the tar distillation business constitutes both product and geographical diversification to Rain Group and provides vertical depth within its core business. RAIN CII is engaged in the businesses of production and sale of CPC and the co-generation of energy (steam and/or electricity) through waste-heat recovery. It is one of the leading global producers of CPC, with nine production sites worldwide. For further information, please visit www.raincii.com.
For more than 160 years, Rütgers has been setting standards as a manufacturer of high-quality basic and specialty chemicals. The company has approximately 1,000 employees at eight international production sites working for the success of its customers. Its focus is on reliability: it maintains the highest standards to protect people and the environment. Rütgers secures its supply of raw materials, and it operates an efficient logistics network to ensure on-time supply of products for the aluminum and steel industries, technical oils, naphthalene, and other basic chemicals. Rütgers has achieved gross revenues of €831 million for the financial year ended December 31, 2011. For further information, please visit www.ruetgers-group.com/en.