TORTOLA, B.V.I.—Platform Acquisition Holdings Ltd. has entered into a definitive agreement to acquire MacDermid, Inc.for some $1.8 billion. Platform will be renamed Platform Specialty Products Corp. (PSP) following the close of the transaction. MacDermid has offered its customers innovative, dynamic chemistry solutions and technical services for more than 90 years, establishing leading positions in niche segments. It serves more than 3,500 customers in 24 countries across the graphic arts, oil production and drilling and plastics finishing industries.
MacDermid will continue to be operated as a stand-alone business by its existing management team under the PSP umbrella. Martin E. Franklin, founder and executive chairman of Jarden Corp. will serve as PSP’s chairman, while MacDermid’s existing executive team will become PSP’s new executive team. MacDermid’s Chairman and Chief Executive Officer Daniel Leever will become PSP’s CEO and vice chairman. During Leever’s 35 year tenure at MacDermid, revenues increased five-fold and firm value increased 20-fold through strong organic growth complemented by strategic acquisitions. Frank Monteiro, MacDermid’s chief financial officer, will become the CFO of PSP.
Leever commented, “I’m delighted that MacDermid has found a permanent home from which we can achieve our long-term vision of being a leading global specialty chemicals company. Our business is characterized by a blended chemistry manufacturing model that is inherently non-capital intensive and requires high levels of innovation and technical service. This ‘asset-lite, high-touch’ business model enables us to deliver results to a diversified customer base, resulting in significant free cash flow to support organic growth and growth through acquisitions. Our ability to adapt our technology to changing market trends and demands provides resilience and a robust pipeline for growth. We will continue to execute on this flexible, yet stable model, and are confident the added resources from this transaction will accelerate our growth trajectory.”