Alongside SK Capital Partners, First Reserve Corp. is acquiring chemicals company TPC Group Inc., in a transaction the companies valued at $850 million.
Houston-based TPC sells chemicals used in rubber, gasoline blends and coatings, among other products. First Reserve is based in Greenwich and SK has its main office in New York City.
“As a growth equity investor, First Reserve is looking forward to helping TPC Group expand its core business to capitalize on the advent of the shale plays in North America and the resulting increase in supply of natural gas and natural gas liquids,” said Neil Wizel, a First Reserve director, in a prepared statement.
Founded in 1943, until 2010 TPC was known as Texas Petrochemicals. TPC earned $3 million in the second quarter as sales dropped 13 percent to $690 million. As of June 30, the company listed assets of $985 million, including $135 million in cash.
