23:53 PM | August 14, 2013 | Robert Westervelt
Quinpario Acquisition (St. Louis, MO), a special purpose acquisition company formed by former Solutia executives to fund specialty chemical buyouts, has completed a $172.5-million initial public offering (IPO).
The company says in its prospectus that it may “consider those sectors that complement our management team’s background, such as composites and carbon fibers, filtration and biomaterials, alternative energy and storage, specialty films and packaging, ceramics and inorganics, plastics and compounds, electronic chemicals and materials, specialty resins and plastics, chemicals and additives, and specialty fluids and lubricants.”
The firm has up to 24 months to complete its initial acquisition or it must return funds to investors. C&Co/PrinceRidge (New York) was book running manager in the offering. Cantor Fitzgerald (New York) and Drexel Hamilton (New York) acted as co-managers. Units are trading on Nasdaq under the symbol “QPACU.”
Quinn was CEO of Solutia until its acquisition by Eastman last year. Quinpario has launched unsolicited takeover bids for Ferro and carbon fiber maker Zoltek in the past 12 months and maintains significant stakes in those firms. Quinpario also has a stake in Sunedison, the former MEMC Electronic Materials.