Calumet Specialty Products to acquire ADF Holdings for $235M

|About: Calumet Specialty Products ... (CLMT)|By:, SA News Editor

Calumet Specialty Products Partners (CLMT) agrees to acquire ADF Holdings, the parent company of Anchor Drilling Fluids, for ~$235M.

CLMT says the acquisition positions it as one of the leading suppliers of drilling fluids to the domestic E&P industry, and will increase sales in a business that generates consistent cash flow with limited ongoing capital investment.

To fund the deal, CLMT will offer $850M in senior notes due 2021.