Private equity firm buys Mallinckrodt Baker

Published: 1-Sep-2010
Ingredients Finance

Former Rohm & Haas ceo becomes chairman


New York-based private equity firm New Mountain has paid US$280m to acquire Covidien’s specialist chemicals business Mallinckrodt Baker (MBI).

Mallinckrodt Baker’s operations are expected to continue as normal, with Raj Gupta, former chairman and ceo of Rohm and Haas and senior advisor to New Mountain, becoming chairman of the board.

Covidien said in May that it had made the decision to sell the business to focus on its core healthcare businesses.

Headquartered in New Jersey, MBI manufactures and markets chemicals under the JT Baker and Mallinckrodt Laboratory Chemicals brands. The company had sales of US$414m in 2009.

New Mountain said it had identified Mallinckrodt Baker as a suitable acquisition through analysis of the specialist chemicals and materials industries. The firm will provide MBI with financial and strategic resources to support expansion in current markets and acquisitions.

‘We look forward to working with the Mallinckrodt Baker leadership to determine a strategic direction that promotes accelerated growth,’ said Gupta. ‘With New Mountain as its partner, Mallinckrodt Baker will be positioned as a leading player in the specialist chemicals and materials industry.’

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