TorQuest Completes Pinova Deal
The Canadian PE firm aims to add staff at the former Ashland unit.
January 29, 2010
Toronto-based TorQuest Partners completed its acquisition of Ashland Inc.’s refined wood rosin and natural wood terpenes unit. The transaction was valued at $75 million, which was comprised of $60 million in cash and a $15 million promissory note.
The unit at the time of the sale had roughly 200 employees, although TorQuest plans to expand the company's workforce by roughly 10% to accommodate the transition out of Ashland. The division posted roughly $85 million in revenue last year.
For TorQuest, the deal represents a return to the chemicals space. Brent Belzberg, a TorQuest founding partner, counts sulphur chemicals player Marsulex among his past successes, and followed up that investment with a buyout of ICI Plc.'s sugar alcohol unit, which became SPI Polyols. Both deals occurred prior to the formation of TorQuest in 2002.
The firm, which is investing out of its 2006-vintage, second vehicle, was fairly busy last year, notching acquisitions of Herbal Magic and two add-ons for its FirstOnSite disaster-restoration platform.
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