U.S.-based special purpose acquisition company WL Ross Holding Corp. announced the completion of its acquisition of Nexeo Solutions Holdings, LLC.
In connection with the closing, WLRH has changed its name to Nexeo Solutions, Inc. and expects to trade on The NASDAQ Capital Market under the ticker symbols NXEO, NXEOU, and NXEOW starting June 10, 2016.
Nexeo Solutions distributes products that are used in a cross section of manufacturing end markets, including household, industrial and institutional, lubricants, performance coatings (including architectural coatings, adhesives, sealants and elastomers), automotive, healthcare, personal care, and construction. Nexeo Solutions operates in more than 80 countries employing more than 2,450 people in 170 locations. The company generated revenues of USD 3.9 billion in the fiscal year ended September 30, 2015.
“We are excited to have completed our acquisition of Nexeo Solutions,” said Wilbur L. Ross, Jr., chairman of WLRH. “We look forward to continuing our partnership with the management team and TPG to realize Nexeo Solutions’ full potential as a world-class distribution platform and create significant value for our shareholders.”
“We are proud to bring Nexeo Solutions to the public market and accelerate our growth towards market leadership,” said David Bradley, president and CEO of Nexeo Solutions. “By expanding our ownership structure with Wilbur Ross, Jr. and team, we are diligently positioning the platform for continued growth for our customers, suppliers and shareholders.”
“Nexeo has transformed significantly over the past five years, and we look forward to a continued relationship with the company and our new partners at WL Ross & Co. as Nexeo enters the next phase of its growth and evolution,” said Christopher Yip of TPG, a leading global private investment arm.
Nadim Qureshi, managing director of WL Ross & Co. LLC, added, “As a publicly traded company, we believe that Nexeo Solutions is ideally positioned to grow its market share and roll up the fragmented chemicals and plastics distribution space. We look forward to working with the management team and TPG to capitalize on these growth prospects.”