Ropes & Gray advised American Industrial Partners (AIP) in completing the sale of portfolio company Molycop, a leading global supplier in grinding media for the mining industry, to Tega Industries in consortium with funds managed by affiliates of alternative asset manager Apollo at an enterprise value of approximately $1.5 billion. The transaction closed on June 1.
The closing positions the combined business as one of the world’s leading designers and manufacturers of ‘critical-to-operate’ consumables for certain production steps in the mining, minerals processing and material handling industries.
Molycop products are critical to mineral extraction and processing, especially copper and gold. The company's client network covers 400+ mines in 40 countries.
AIP is a New York-based investment firm with approximately $17.5 billion in assets under management.
The Ropes & Gray team included private equity partners Doug Giannantonio, Bob Rivollier and Victoria McGrath, finance partners Dan Coyne and Stefanie Birkmann, tax partners David Saltzman, Tristan Evans-Wilent and Chris Agnoli, employment, executive compensation & benefits partners Allie Alperovich and Megan Bisk and associate Madeline Cooper, environmental partner Peter Alpert, tax counsel Tom Spera and Michael Mendel, and private equity counsel Jennifer Gorman.
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