Apax to Take Quality Distribution Private in $800M LBO
May 08, 2015
Apax Partners has agreed to acquire logistics and transportation provider Quality Distribution (NASDAQ: QLTY) for $16 per share, a consideration of approximately $800 million when including assumed debt. The transaction price represents a 63% premium over the company's closing share price Wednesday. A consortium of lenders, including Deutsche Bank, Bank of America and Jefferies, have committed to provide financing; the deal is expected to close in 3Q, though Quality Distribution may solicit other offers during a 40-day "go-shop" period. The company operates the largest chemical bulk logistics network in North America and serves the unconventional oil & gas industry.