KPS Capital Partners LP has agreed to acquire the global aluminum rolling business from Norsk Hydro ASA for €1.38 billion.
Michael Psaros, co-founder and co-managing partner of KPS, said, “The size and global scale of the rolling business, the quality of its assets, coupled with the breadth of its products and technology capabilities, form the foundation of a tremendous investment platform. KPS partner Kyle Mumford will lead a KPS team who will work closely with the company’s management team to accelerate growth opportunities driven by substantial investment in the company’s assets and operations. Our focus will be on innovation and new product development. We look forward to creating value by leveraging KPS’ very successful, multidecade experience investing in the metals and automotive industries.”
Einar Glomnes, executive vice president of Rolling said, “We are excited to operate under KPS’ ownership as an independent company. This is a great day for all stakeholders of our rolling business, especially our customers and employees. KPS has a demonstrated track record of creating and building industry-leading companies, and has enjoyed tremendous success investing in the metals and automotive industries. KPS’ global reach, commitment to manufacturing excellence and safety and significant financial resources will enable our company to accelerate growth and invest in industry-leading technologies, while maintaining our focus on quality and customer service.”
Perella Weinberg Partners acted as advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to KPS and its affiliates. Goldman Sachs acted as advisor and Clifford Chance LLP served as legal counsel to Hydro.