WILMINGTON, DE — Ashland Inc. (NYSE: ASH), a global specialty chemicals company, has reached an agreement to divest its nutraceuticals business to private equity firm Turnspire Capital Partners LLC. The deal, set to conclude in the third quarter of 2024, hinges on standard regulatory approvals and closing conditions.
The business unit in question has made its mark by providing a wide array of active ingredients, formulation aids, and both custom formulation and contract manufacturing services to companies in the nutritional products sector. Operating out of facilities located in New Jersey and Utah, as well as Tamaulipas, Mexico, this segment has built a reputation for its proprietary offerings and comprehensive support in the nutrition market.
Guillermo Novo, Chairman and CEO of Ashland, acknowledged the division’s contributions and growth under the company’s umbrella, extending his gratitude towards the dedicated team for their service and commitment.
Financial guidance and legal counsel for the transaction are provided by Citi and Cravath, Swaine & Moore LLP, respectively, indicating the strategic importance of this move for Ashland.
This sale marks a pivotal shift for Ashland, signaling a possible strategic realignment or focus on other core areas within its vast portfolio of chemical products and services. For Turnspire Capital, acquiring Ashland’s nutraceuticals business could represent a significant step into or expansion within the nutrition and health sectors, potentially leveraging the acquired company’s established market position and technical capabilities to enhance its investment portfolio.
As industry watchers await the deal’s finalization, the implications for both Ashland and the broader nutraceuticals market remain a topic of keen interest, reflecting ongoing consolidation and specialization trends within the sector.
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