DCL Corporation Completes Sale of Business to Blackstone:
Acquisition Takes DCL Businesses out of Chapter 11 and CCAA Restructuring Proceedings
We are pleased to announce that DCL has successfully closed the sale of its assets and businesses to Pigments Services Inc., a company owned and managed by Blackstone. The Company will continue to operate under its globally known brand name of DCL—but with some important changes for processing of orders, invoicing and payments as noted below in this memo.
The sale marks the operational exit of DCL out of its U.S. and Canadian restructuring proceedings, commenced in December 20, 2022, to facilitate the sale process and reduce the Company’s debt. Both the U.S. and Canadian courts previously approved the sale, which closed on April 14, 2023.
With the closing of this transaction, DCL is well positioned to re-emerge as a leader in the color pigment space. With Blackstone, one of the world’s largest alternative asset managers, as our new sponsor, and Wells Fargo as our continuing bank lender, DCL has a strong financial platform from which to continue serving its customers and grow.
We will continue to provide updates to our customers through this transition. Please feel free to contact us if you have any questions.