Cabot Corp. (CBT) to Sell Norit Activated Carbon to One Equity Partners

One Equity Partners (“OEP”), a middle market private equity firm, today announced that it has signed an agreement to acquire Norit Activated Carbon (“Norit” or “the Company”), a global manufacturer of activated carbon for purification solutions, from corporate parent Cabot Corporation (NYSE: CBT).

Norit manufactures a broad portfolio of activated carbon products used for purification needs in growing sectors including renewable natural gas, food and beverage, chemicals, pharmaceuticals, air quality, water, and automotive. The Company operates two plants in North America, five facilities in Europe and participates in three joint ventures in Canada, Asia and Mexico.

“We are proud to make this investment in Norit, whose product offering uses renewable materials to increase access to clean air and water,” said Joe Huffsmith, Managing Director, OEP. “Norit has been a leading player in the activated carbon space for over 100 years, and we feel fortunate for the opportunity to partner with the Norit team on this next phase of the company’s growth and development.”

The global activated carbon market is expected to grow at a CAGR of ~9 percent due, in part, to increased regulatory standards around air purification, water treatment, renewable natural gas purification and pharmaceutical drug production.

“This pending partnership with OEP is the beginning of an exciting new chapter for Norit,” said Imtiaz Kathawalla, VP and General Manager of Norit. “The senior management team and I are eager to collaborate closely with OEP’s professionals and tap their experience in support of our growth through geographic expansion, product offering diversification, technology innovation and strategic acquisitions.”

The transaction is subject to customary closing conditions and work council consultations and is expected to close by the end of Q1 2022.

Latham & Watkins, LLP served as legal counsel to OEP and KPMG LLP served as accounting and tax advisor. PNC Bank NA is providing debt financing for the transaction.

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