Falcon Private Holdings Announces Pending Sale of Aristech Surfaces

July 19, 2021

FLORENCE, Ky.–(BUSINESS WIRE)–Falcon Private Holdings, LLC (“Falcon”), the private investment arm of Jamshid Keynejad and Barry Siadat, announced today that its affiliates have reached agreement to sell Aristech Surfaces LLC (“Aristech”) to Trinseo (NYSE: TSE), a global materials company and manufacturer of plastics, latex binders, and synthetic rubber, for $445 million in cash, subject to customary closing adjustments. Aristech is a global leading producer of continuous cast acrylic sheet for the wellness, architectural, transportation, and industrial markets.

Barry Siadat, co-founder of Falcon, said: “Since the carve-out from Mitsubishi Corporation in 2008, Falcon has actively collaborated with management to establish Aristech as a thriving independent business by improving processes, investing to expand operational capabilities, growing in core hot tub and bath tub applications, and entering new markets and applications in the US and internationally. We are confident that Aristech is poised for continued growth as part of Trinseo and we wish them ongoing success.”

Jamshid Keynejad, co-founder of Falcon, continued: “Though much was accomplished over the course of Aristech’s thirteen years as part of the Falcon family of companies, we are particularly proud of the acceleration of growth and value creation under Michael Gilbert’s leadership since 2018. We thank Michael and his talented team for their valued contributions to this rewarding investment.”

Michael Gilbert, CEO of Aristech, commented: “Over the past three years, with Falcon’s capital and hands-on support, we have accelerated growth by investing in talent, adding capacity, and enhancing product differentiation. This transaction validates Aristech’s strategic value, developed over the course of fifty years of leadership in surface solutions. I would like to thank our employees for their dedication and commitment, and we look forward to becoming part of the Trinseo family.”

Philip Marxen, a managing director of Falcon, added: “This investment evidences the power of Falcon’s differentiated combination of permanent capital, which allowed Falcon to prioritize long-term value creation rather than financial engineering, and internal operating capabilities, which enabled a seamless carve-out and facilitated the unlocking of Aristech’s unrealized potential.”

The transaction is expected to close this year, subject to customary closing conditions and regulatory approvals. The business will become part of Trinseo’s Engineered Materials segment. For Falcon and Aristech, The Valence Group of Piper Sandler acted as financial advisor and Morgan Lewis acted as legal counsel. For Trinseo, Centerview Partners acted as financial advisor and Reed Smith acted as legal counsel.