Tuesday 28 June 2022

US-based private equity fund Balmoral Funds, LLC has completed the acquisition of US-based specialty petrochemicals facility operator Trecora Resources at a price of USD 9.81 per share, net to each seller, in cash, without interest and subject to any required tax withholdings, the firm said.

The deal, announced in May, is worth around USD 247m.

With the completion of the acquisition, Trecora's stock will cease trading on the New York Stock Exchange and Trecora will no longer be listed on any public market.

Blank Rome LLP served as legal advisor to Balmoral, and Piper Sandler served as financial advisor to Balmoral.

Guggenheim Securities, LLC served as exclusive financial advisor to Trecora, and Morgan, Lewis and Bockius LLP served as legal advisor to Trecora.

Balmoral is a Los Angeles, California based private equity fund that was founded in 2005.

Balmoral's objective is to be the financial partner of choice for entrepreneurial, emotionally intelligent and successful C-suite executives and operating advisors creating transformative, revitalizing change in the businesses they co-invest in together.

Balmoral has approximately USD 1.5bn of assets under management. Balmoral typically invests in companies that have revenues between USD 30 to USD 500m and require equity investments of USD 10 to USD 100m, with the capability of investing an additional USD 100m or more in particularly compelling opportunities.

Trecora owns and operates a specialty petrochemicals facility specializing in high purity hydrocarbons and other petrochemical manufacturing and a specialty wax facility, both located in Texas, and provides custom processing services at both facilities.