PwC advises UK's largest private firm on $1.1 billion US acquisition

03 December 2018 3 min. read

The North West transactions services team of Big Four firm PwC has advised Ineos Enterprises on a billion dollar deal to purchase US-based Ashland Global Holdings. The acquisition will increase the company’s global headcount by 1,300 people, spread over manufacturing sites in Europe, the Americas, Asia and the Middle East.

Founded in 1998 by Sir Jim Ratcliffe, Britain’s richest man, Ineos is the largest private firm in the UK. The multinational chemicals giant is headquartered in London, UK, and has been leveraging merger and acquisition activity in the past two years in order to grow further. In April 2017, this saw Ineos reach an agreement to buy the Forties pipeline system in the North Sea from BP for $250 million. The sale included terminals at Dalmeny and Kinneil, a site in Aberdeen, and the Forties Unity Platform.

Now, the chemicals group has closed a further $1.1 billion deal to buy the composites business of US-based Ashland Global Holdings. The deal comprises of some 20 manufacturing sites in Europe, North and South America, Asia and Middle East employing 1,300 people. It is expected to generate sales of more than $1.1 billion, when the transaction completes in the first half of 2019, following regulatory approval.

PwC advises UK's largest private firm on $1.1 billion US acquisition

In order to facilitate the deal, professional services firm PwC provided Ineos Enterprises with financial, tax and pensions due diligence together with sale and purchase agreement advice. The North West based PwC financial team involved was led by Syedul Hussain, supported by Iain Kyle, Mark McCaw, David Tomlinson, Laura Woodward, James Whyman and Tendai Masanzu. Tax advice was led by Elisabeth Hunt with support from Brian O’Neill, while pension advice was provided Charles Ward and Paul Brunger. Sale and purchase agreement advice was provided by Trevor Milne, Kevin Clark, Jonny Rodwell and Declan O’Hara.

Commenting on PwC’s role in the purchasing process, Andrew Brown, CFO of Ineos Enterprises, said, “Ineos have been a longstanding client of PwC and they have supported us through a number of successful transactions. I’d like to thank PwC for their excellent support which has enabled us to complete another strategic acquisition.”

Syedul Hussain, PwC Transaction Services Partner, added, “This has been a substantial and complex transaction involving PwC teams both in the UK and the US and I’m delighted that through our longstanding relationship with Ineos we have been able to support them once again in order to complete another successful transaction”

Recently PwC worked alongside Clearwater International to help Pizza Hut UK successfully complete its management buyout (MBO). The consultancies ensured the reputed £100 million deal went smoothly as the top brass at Pizza Hut UK wrested control of the high street fast food business from private equity backer Rutland Partners.