Univar Solutions Inc.(formerly Royal Vopak ) is a global chemical and ingredients distributor and provider of value-added services.
54-568: Founded in 1924 as Van Waters & Rogers, it was acquired in August 2023 by funds controlled by Apollo Global Management . The transaction also included Abu Dhabi Investment Authority , which became a minority partner by investing in the company. On August 8, 1924, George Van Waters and Nat Rogers opened a small firm in Seattle, Washington, USA, buying and selling naval supplies, paint, raw materials and cotton linters. When Van Waters & Rogers entered
108-720: A Form S-1 with the U.S. Securities and Exchange Commission in preparation for an IPO on the New York Stock Exchange . In May 2008, Apollo invested in Vantium, a company that buys residential mortgage assets as part of a strategy to profit from the United States housing market correction . In July 2008, the company closed a $ 758 million value-add fund. Also in 2008, Apollo opened an office in India , its first office in Asia. During
162-467: A $ 1.2 billion market value collateralized debt obligation vehicle . Ares I and II which were raised were structured as market value CLOs . Ares III-Ares X were structured as cash flow CLOs . In 2002, Ares completed a corporate spin-off from Apollo management. Although technically the founders of Ares had completed a spinout with the formation of the firm in 1997, they had maintained a close relationship with Apollo over its first five years and operated as
216-546: A $ 2 billion vehicle in Europe, AP Alternative Assets. It was a Guernsey -domiciled publicly traded, private-equity closed-end, limited partnership , managed by Apollo Alternative Assets, an affiliate of Apollo Management. Apollo initially attempted to raise $ 2.5 billion for the public vehicle, but fell short when it offered the shares in June 2006, raising only $ 1.5 billion. Apollo raised an additional $ 500 million via private placements in
270-488: A 31% interest. In December 2009, Apollo announced the acquisition of Cedar Fair Entertainment Company for $ 635 million and assumed debt valuing the company at $ 2.4 billion. In April 2010, the deal was terminated due to poor shareholder response. In January 2011, Apollo acquired 51% of Alcan Engineered Products from Rio Tinto Group . On March 29, 2011, Apollo became a public company via an IPO. In June 2011, Apollo acquired CKx. In March 2012, Apollo acquired
324-412: A US-domiciled publicly traded , private-equity, closed-end fund and Business Development Company . AIC provides mezzanine debt , senior secured loans , and equity investments to middle-market companies , including public companies, although it historically has not invested in companies controlled by Apollo's private-equity funds. Apollo, originally referred to as Apollo Advisors, was founded after
378-423: A consortium of other international investors provided the capital for Lion's investment activities. Lion Advisors was replaced by Ares Management . At the time of Apollo's founding, little financing was available for new leveraged buyouts and Apollo turned, instead, to a strategy of distressed-to-control takeovers. Apollo purchased distressed securities , which could be converted into a controlling interest in
432-442: A franchisor that owns Coldwell Banker, Century 21, and Sotheby's International Realty, for $ 8.5 billion. As the United States housing market correction accelerated in 2008, Realogy faced financial pressures due to its debt load. In November 2008, Realogy launched an exchange offer for a portion of its debt to provide additional flexibility, prompting a lawsuit from Carl Icahn . In 2013, Apollo sold out of this investment, making
486-512: A listed business development company , Apollo Investment Corporation. In September 2004, investment funds managed by Apollo and Sterling Partners acquired Connections Academy . It was sold in 2011 for $ 400 million. In 2005, Apollo formed Hexion Specialty Chemicals through the merger of Borden, Inc. , Resolution Performance Products LLC, and Resolution Specialty Materials, LLC, and the acquisition of Bakelite AG. Hexion announced in July 2007 that it
540-599: A profit of $ 1.3 billion. In May 2007, Apollo acquired Countrywide plc , a provider of residential property-related services in the UK, formerly known as Hambro Countrywide (1988) and Countrywide Assured Group (1998) for $ 1.05 billion (not related to Countrywide Financial ). In November 2007, the company sold 9% of itself to the Abu Dhabi Investment Authority . In January 2008, Apollo and TPG Capital acquired Harrah's Entertainment for $ 27.4 billion, including
594-431: A prominent lieutenant of Michael Milken and a key player in the buyout boom of the 1980s . Lion Advisors (or Lion Capital) was founded in 1990 to provide investment services to Credit Lyonnais and foreign institutions, seeking to profit from depressed prices in the high-yield market. In 1992, Lion entered into a more formal arrangement to manage the $ 3 billion high-yield portfolio for Credit Lyonnais which together with
SECTION 10
#1732872787253648-544: The Fortune 500 was created by Edgar P. Smith, a Fortune editor, and the first list was published in 1955. The Fortune 500 is more commonly used than its subset Fortune 100 or superset Fortune 1000 . The Fortune 500, created by Edgar P. Smith, was first published in 1955. The original top ten companies were General Motors , Jersey Standard , U.S. Steel , General Electric , Esmark , Chrysler , Armour , Gulf Oil , Mobil , and DuPont . The original Fortune 500
702-577: The financial crisis of 2007–2008 , several of Apollo's investments came under pressure. Apollo's 2005 investment in the struggling US retailer Linens 'n Things suffered from a significant debt burden and softening consumer demand. In May 2008, Linens filed for bankruptcy protection, costing Apollo all of its $ 365 million investment in the company. In 2009, the company was sued by a noteholder claiming mismanagement. Apollo exercised its " PIK toggle " option at Claire's to shut off cash interest payments to its bondholders and instead issue more debt, to provide
756-543: The $ 2 million mark. Locations were added in Portland, Oregon, Spokane, Washington and Los Angeles, California. A notable addition was the industrial chemicals division headed by Glen McElvain, a chemical salesman who was instrumental in the acquisition of local chemical companies. In the 1940s, sales increased from $ 2 million in 1940 to more than $ 18 million in 1949. Acquisitions led to market entries in San Francisco and Texas and
810-561: The $ 3.1 billion leveraged buyouts of costume jewelry retailer Claire's Stores. In 2008, Claire's experienced financial difficulty amid the slump in consumer spending. In April 2007, Apollo acquired Noranda Aluminum , the US aluminum business of Xstrata for $ 1.15 billion. Noranda Aluminum includes a primary smelter and three rolling mills in Tennessee, North Carolina, and Arkansas along with other operations. In April 2007, Apollo acquired Realogy ,
864-522: The 1960s, company headquarters relocated to San Francisco for a brief period. By mid-decade, shareholders approved the merger of Van Waters & Rogers and United Pacific Corporation. In 1966, Van Waters & Rogers became VWR United and the decade ended with the company's listing on the New York Stock Exchange on March 6, 1969. At the March 25, 1970 board meeting, co-founder Nat Rogers retired from
918-444: The 1980s, Univar became North America's largest chemical distributor and sales topped $ 1 billion. Responding to new government regulations and environmental concerns, the company focused on product stewardship and introduced ChemCare, a waste management service. Univar acquired McKesson Chemical with financial backing from Royal Pakhoed and, combined, the two distribution giants formed a coast-to-coast network of more than 100 locations in
972-498: The Netherlands, in 2010 and 2011, respectively. In 2013, Univar moved its corporate headquarters from Redmond to Downers Grove, Illinois , a suburb of Chicago . In June 2014, Univar filed for a $ 100 million initial public offering. In June 2016, it was announced that Univar had joined the Fortune 500 for the first time. It employed nearly 9,000 employees worldwide and generated net sales of $ 8.3 billion in 2017. Univar completed
1026-495: The State of California over its purchase of Executive Life Insurance Company in 1991. The same year, Attorney General of California Bill Lockyer accused Leon and an investor group led by French bank Credit Lyonnais of violating California law by having a foreign government-owned bank acquire the assets and bond portfolio of Executive Life Insurance. In April 2004, Apollo raised $ 930 million through an initial public offering for
1080-459: The U.S. government's Resolution Trust Corporation . One of Apollo's earliest and most successful deals involved the acquisition of Executive Life Insurance Company's bond portfolio. Using this vehicle, Apollo purchased the Executive Life portfolio, profiting when the value of high-yield bonds recovered, but also resulting in a variety of state regulatory issues for Apollo and Credit Lyonnais over
1134-593: The United States and Canada. Acquisitions led to further expansion as Univar acquired four chemical distribution companies in Europe, forming Univar Europe. In 1996, Royal Pakhoed acquired Univar, and it merged with Royal Van Ommeren in 1999 to become Royal Vopak . Univar focused on industries that were population-based, such as food, pharmaceuticals, personal care, coatings and energy. Univar hired specialists, scientists and PhDs to assist customers with product formulations and technical solutions. Growth continued through
SECTION 20
#17328727872531188-457: The West Coast affiliate of Apollo. Shortly thereafter, Ares completed fundraising for Ares Corporate Opportunities Fund, a special-situations investment fund with $ 750 million of capital under management. In 1998, during the dot-com bubble , Apollo raised Apollo Investment Fund IV with $ 3.6 billion of investor commitments. As of April 8, 2008, the fund had generated a 10% IRR net of fees. Among
1242-409: The acquisition of Ellis & Everard, which included operations in the UK, Ireland and North America. In 2002, Univar split off from Royal Vopak as an independent company and world leader in chemical distribution. In 2007, Univar purchased a leading competitor, CHEMCENTRAL and became a privately held company, owned primarily by funds managed or advised by London-based CVC Capital Partners. Univar ended
1296-422: The acquisition of Nexeo Solutions in March 2019. Nexeo Solutions had been a long-time competing chemical distributor and former division of Ashland, Inc until it was spun off in 2011. Following completion of the acquisition, Univar rebranded itself as Univar Solutions on March 1, 2019. In December of the same year, Univar sold its North American Environmental Sciences division to AEA Investors . In November 2022,
1350-630: The acquisition of the Smart & Final chain of warehouse-style food and supply stores. In June 2007, Smart & Final completed the acquisition of the Henry's Marketplace chain of " farmers market " style food retailers from Wild Oats Markets as part of that company's acquisition by Whole Foods Market . In 2011, the Henry's chain was merged with Sprouts Farmers Market , which, like the Henry's markets, had been founded by Henry Boney. In March 2007, Apollo announced
1404-698: The assumption of existing debt. In January 2008, Apollo invested $ 1 billion in Norwegian Cruise Line to support a recapitalization of the company's balance sheet. In December 2018, Apollo cashed out of this investment. In February 2008, Apollo acquired Regent Seven Seas Cruises from Carlson Companies for $ 1 billion. Following the purchase, Apollo ordered a new ship for Regent. In April 2008, Apollo, TPG Capital , and The Blackstone Group acquired $ 12.5 billion of bank loans from Citigroup . The portfolio comprised primarily senior secured loans that had been made to finance leveraged-buyout transactions at
1458-480: The business Verso Paper. Verso is the second-largest producer of the North American magazine publishing and catalog/commercial print markets. In May 2008, Verso became a public company via an IPO. In February 2007, Apollo acquired Oceania Cruises for $ 850 million and provided additional capital to fund the expansion of the company with the purchase of two new cruise ships.! In February 2007, Apollo announced
1512-488: The change came 291 new entrants to the famous list including three in the Top 10. As of 2020, the Fortune 500 companies represent approximately two-thirds of the United States' gross domestic product with approximately $ 14.2 trillion in revenue, $ 1.2 trillion in profits, and $ 20.4 trillion in total market value. These revenue figures also account for approximately 18% of the gross world product . The companies collectively employ
1566-569: The collapse of Drexel Burnham Lambert in 1990 by Leon Black , the former head of Drexel's mergers and acquisitions department, along with Josh Harris and Marc Rowan . Tony Ressler , another former senior Drexel executive, was also among the firm's original members. Within six months after the collapse of Drexel, Apollo launched Apollo Investment Fund L.P., the first of its private-equity investment funds, formed to make investments in distressed companies. Apollo raised around $ 400 million of investor commitments based on Leon Black's reputation as
1620-403: The company and later that same year, Jim Wiborg became CEO. As leadership changed, so did the company’s name. The name "Univar" was adopted in 1974 and the company continued to expand through acquisitions with the stated goal of becoming a national distributor. The most important acquisition was the purchase of McArthur Chemical, which established Univar as a major distributor throughout Canada. In
1674-433: The company with additional financial flexibility. In December 2008, Apollo completed fundraising for its latest fund, Apollo Investment Fund VII, with roughly $ 14.7 billion of investor commitments. Apollo had been targeting $ 15 billion, but had been in fundraising for more than 16 months, with the bulk of the capital raised in 2007. In November 2009, Liberty Global acquired Unity Media GMBH; funds managed by Apollo owned
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1728-555: The decade with $ 1.2 billion in net sales from the distribution of approximately 2.7 billion metric tons of chemicals in 2009. In 2010, Clayton, Dubilier & Rice, LLC acquired a 42.5% ownership interest in Univar and the company continued to grow. It acquired US-based Basic Chemical Solutions, a global distributor and trader of commodity chemicals, and the Quaron distribution business in Belgium and
1782-465: The equity of the company through a bankruptcy reorganization or other restructuring. Apollo used distressed debt as an entry point, enabling the firm to invest in such firms as Vail Resorts , Walter Industries , Culligan , and Samsonite . Apollo acquired interests in companies that Drexel had helped finance by purchasing high-yield bonds from failed savings and loans and insurance companies. Apollo acquired several large portfolios of assets from
1836-426: The firm to found Pegasus Capital Advisors. Since its inception, Pegasus has raised $ 1.8 billion in four private-equity funds focused on investments in middle-market companies in financial distress. In 1997, Ares Management was founded by Antony Ressler and John H. Kissick, both partners at Apollo, as well as Bennett Rosenthal, who joined the group from the global leveraged finance group at Merrill Lynch , to manage
1890-508: The first two women were appointed to officer positions. In 1949, Van Waters & Rogers celebrated its 25th anniversary. Univar acquired Industrial Materials Ltd. of Vancouver, British Columbia, and Braun-Knecht-Heimann of San Francisco in 1950. In 1956, Van Waters & Rogers made its first public stock offering. By the end of the decade, Van Waters & Rogers had locations in all 11 western states, Texas and Western Canada. Sales climbed from $ 18 million to more than $ 80 million in 1959. In
1944-438: The founders of Ares had completed a corporate spin-off with the formation of the firm in 1997, they had initially maintained a close relationship with Apollo and operated as the West Coast affiliate of Apollo. . In 2002, when Ares raised its first corporate opportunities fund, the firm announced that it would separate from its former parent company. The timing of this separation also coincided with Apollo's legal difficulties with
1998-484: The fund had generated a 54% IRR net of fees. Among the investments made in Fund V (invested through 2006) were Affinion Group , AMC Entertainment , Berry Plastics , Cablecom , Compass Minerals , General Nutrition Centers (GNC), Goodman Global, Hexion Specialty Chemicals ( Borden ), Intelsat , Linens 'n Things , Metals USA, Nalco Investment Holdings , Sourcecorp, Spectrasite Communications , and Unity Media. Although
2052-817: The investigations, the company evaded antidumping duties on 36 shipments of Chinese saccharin between 2007 and 2012. Apollo Global Management Apollo Global Management, Inc. is an American asset management firm that primarily invests in alternative assets . As of 2022 , the company had $ 548 billion of assets under management, including $ 392 billion invested in credit, including mezzanine capital , hedge funds , non-performing loans , and collateralized loan obligations , $ 99 billion invested in private equity , and $ 46.2 billion invested in real assets, which includes real estate and infrastructure . The company invests money on behalf of pension funds , financial endowments , and sovereign wealth funds , as well as other institutional and individual investors. Apollo
2106-472: The investments made in Fund III (invested through 1998) were: Alliance Imaging, Allied Waste Industries , Breuners Home Furnishings , Levitz Furniture , Communications Corporation of America , Dominick's , Ralphs (acquired Apollo's Food-4-Less ), Move.com , NRT Incorporated , Pillowtex Corporation , Telemundo , and WMC Mortgage Corporation . Also in 1995, Apollo's founding partner Craig Cogut left
2160-636: The investments made in Fund IV (invested through 2001) were: Allied Waste Industries , AMC Entertainment , Berlitz International , Clark Retail Enterprises, Corporate Express ( Buhrmann ), Encompass Services Corporation, National Financial Partners, Pacer International , Rent-A-Center , Resolution Performance Products , Resolution Specialty Materials , Sirius Satellite Radio , SkyTerra Communications, United Rentals , and Wyndham Worldwide . In April 2001, Apollo raised Apollo Investment Fund V with $ 3.7 billion of investor commitments. As of April 8, 2008,
2214-399: The laundry supply business, it paved the way for the company’s future in chemicals. Near the end of the 1920s, the company moved into a 5,000-square-foot (460 m) facility just south of downtown Seattle and, soon after, it expanded into the entire facility and plant next door. In 1936, Van Waters & Rogers’ sales topped $ 1 million, and by the end of the decade the company was closing on
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2268-401: The peak of the market. Citigroup had been unable to syndicate the loans before the onset of the credit crunch. The loans were reported to have been sold in the "mid-80 cents on the dollar" relative to face value. In late 2008, Apollo received margin calls associated with the financing of its purchase of certain loan portfolios as the values of the loans decreased. In April 2008, Apollo filed
2322-432: The private equity market was booming. Among Apollo's most notable investments during this period were Harrah's Entertainment , Norwegian Cruise Line , Claire's Stores , and Realogy . In 2006, Apollo acquired Rexnord Corporation for $ 1.825 billion, Berry Plastics for $ 2.25 billion, Momentive Performance Materials for approximately $ 3.8 billion, and TNT N.V. for $ 1.9 billion. In August 2006, Apollo launched
2376-510: The purchase. In 1993, Apollo Real Estate Advisers was founded in collaboration with William Mack to seek opportunities in the U.S. property markets. In April 1993, Apollo Real Estate Investment Fund, L.P., the first in a family of real estate "opportunity funds", was closed with $ 500 million of investor commitments. In 2000, Apollo exited the partnership, which continued to operate as Apollo Real Estate Advisers until changing its name to AREA Property Partners effective January 15, 2009. That firm
2430-421: The unprofitable Great Wolf Resorts for $ 703 million. In November 2012, Apollo acquired McGraw-Hill Education for $ 2.5 billion. In 2013, Apollo acquired Pitney Bowes Management Services (PBMS) for $ 400 million. From PBMS, Apollo formed Novitex Enterprise Solutions. Novitex is a document-outsourcing provider that manages business-critical services for over 500 companies across 10 industries. In 2017, it
2484-499: The weeks following that sale. AAA was formed to invest alongside Apollo's main private-equity funds and hedge funds. AAA's investment portfolio was made up of a mix of private-equity and capital-markets investments. It was liquidated in 2020. In October 2006, Apollo announced a $ 990 million leveraged buyout of Jacuzzi Brands , a manufacturer of whirlpool baths. In 2006, Apollo acquired International Paper 's coated paper and supercalendered paper business for $ 1.4 billion, renaming
2538-448: The world's largest chemical distributor, Brenntag , announced its intention to acquire Univar. Following criticism from some Brenntag shareholders, the acquisition plans were abandoned in early January 2023. In March 2023, Univar agreed to be taken private by Apollo Global Management for a total enterprise value of $ 8.1 billion, with the deal including a minority investment from the Abu Dhabi Investment Authority . The acquisition
2592-458: Was acquiring Huntsman Corporation , a major specialty-chemicals company, in a $ 6.5 billion leveraged buyout. Hexion announced in June 2008 it would refuse to close the deal, prompting a series of legal actions. The transaction was terminated in December after a settlement between Hexion and Huntsman, wherein they were required to pay Huntsman $ 1 billion to drop fraud charges. Between 2005 and 2007,
2646-432: Was completed in August 2023. Prior to the acquisition, Univar Solutions acquired leading Turkish speciality chemicals distributor Kale Kimya and Leprino Foods selected Univar as an authorised distributor of food ingredients and dairy products. On a reported basis for 2022, the company reported revenue of $ 11.5 billion (up 20 per cent from FY 2021) and net profit of $ 545.3 million (up 18 per cent from FY 2021). The company
2700-809: Was founded in 1990 by Leon Black , Josh Harris , and Marc Rowan , former investment bankers at the defunct Drexel Burnham Lambert . The company is headquartered in the Solow Building in New York City , with offices across North America, Europe, and Asia. Among the most notable companies in which funds managed by the company have invested are ADT Inc. , CareerBuilder , Cox Media Group , Intrado , Legendary Entertainment , Rackspace Technology , Redbox , Shutterfly , Sirius Satellite Radio , Qdoba , Smart & Final , The Restaurant Group , University of Phoenix , and Yahoo Inc. In addition to its private funds, Apollo operates Apollo Investment Corporation (AIC),
2754-478: Was limited to companies whose revenues were derived from manufacturing, mining, and energy exploration. At the same time, Fortune published companion " Fortune 50" lists of the 50 largest commercial banks (ranked by assets), utilities (ranked by assets), life insurance companies (ranked by assets), retailers (ranked by gross revenues) and transportation companies (ranked by revenues). Fortune magazine changed its methodology in 1994 to include service companies. With
SECTION 50
#17328727872532808-551: Was merged into Exela Technologies . On March 11, 2013, Apollo Global Management made the only bid for the snacks business of Hostess Brands , including Twinkies , for $ 410 million. Fortune 500 The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies , along with privately held companies for which revenues are publicly available. The concept of
2862-528: Was ranked among "The Best Companies for Future Leaders" by Time magazine and data firm Statista , which analysed the CVs of 2,000 prominent scientists, politicians and CEOs of the country's largest companies to identify the companies where they most often worked. Univar was ranked 61st. On April 9, 2019, Univar USA Inc. agreed to pay $ 62.5 million to settle allegations of the US Department of Justice. According to
2916-510: Was then owned and controlled by its remaining principals, including William Mack, Lee Neibart, William Benjamin, John Jacobsson, Stuart Koenig, and Richard Mack. In 1995, Apollo raised its third private-equity fund, Apollo Investment Fund III, with $ 1.5 billion of investor commitments from investors that included CalPERS and the General Motors pension fund. Fund III was only an average performer for private-equity funds of its vintage. Among
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