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Platform Specialty completes private placement of stock

3:58 PM MDT | May 21, 2014 | Vincent Valk

Platform Specialty Products, the parent company of surface coatings maker MacDermid, has completed a $300.2-million private placement of common stock. The company issued 15.8 million shares at $19/share to undisclosed investors, it says. Proceeds will be used for working capital and “to support future growth,” the company says. The latter includes the $1-billion acquisition of Chemtura’s agricultural chemicals business, which was announced earlier this year. It may also include other acquisitions, the company says. Platform was formed as blank-check holding company last year, and listed on the London Stock Exchange (LSE) with the stated goal of acquiring a company. It acquired MacDermid in the fourth quarter, for $1.8 billion. Major shareholders in Platform, as of 31 March, include hedge funds Pershing Square, Blue Ridge Capital, and founder Martin Franklin.

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