Orica has announced it will sell its Minova business to Aurelius Group for $180 million, subject to transaction costs and customary completion adjustments.
This announcement follows Orica’s announcement in May 2021 of its intentions to pursue a sale, and the global sale process subsequently undertaken by Orica and its advisors.
“The sale of Minova is consistent with our refreshed strategy, which identified Minova as non-core to Orica,” Orica managing director and chief executive officer Sanjeev Gandhi said.
“This allows us to focus on our four key business verticals of growth – mining; quarry and construction; digital; and mining chemicals.
“The Minova business will benefit from new ownership with more focus and capital to support its growth.”
Headquartered in London, Minova is a global manufacturer and supplier of securing and solidifying agents for mining and infrastructure customers, supplying both steel products as well as chemical products.
“I am delighted to welcome Minova as the fourth fund investment in our portfolio,” Aurelius founding partner Dirk Markus said.
“For Aurelius, this is a really exciting opportunity to rebuild and expand a world market leader in an attractive niche. The transaction proves once again that our experience in setting up companies from company sellers is very much appreciated all over the world.”
Aurelius Group is a European active investment firm with offices in Munich, London, Stockholm, Amsterdam, Luxembourg, Milan and Madrid.
“With excellent and highly motivated management, and the operational and financial backing of Aurelius, we have the perfect team to drive the transition to the hard rock markets and to develop the company’s potential on a global level,” Aurelius partner Florian Muth said.
The transaction is expected to close in the first quarter of 2022.