WL Ross Holdings Corp. (Nasdaq: WLRH) has agreed to acquire a majority stake in Nexeo Solutions Holdings, LLC, a chemical and plastic distributor, from private equity firm TPG. WL Ross is a blank-check company formed by billionaire investor Wilbur Ross to make acquisitions. Ross is best known for investing in distressed companies. The deal values Nexeo at $1.6 billion. TPG is retaining a minority stake.

Nexeo, headquartered in The Woodlands, Texas, has operations worldwide. Its products are used in the chemicals manufacturing, oil and gas, paintings and coatings, automotive, healthcare and personal care solutions and distributed in North America, Europe, the Middle East and Africa (EMEA) and Asia. The company’s revenue for fiscal year 2015 totaled $3.9 billion.

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