Lone Star Funds Completes Sale of AOC to Nippon Paint Holdings

DALLAS & NEW YORK & LONDON & TOKYO--(BUSINESS WIRE)--Lone Star Funds (“Lone Star”) today announced that an affiliate of Lone Star Fund XI, L.P. has successfully completed the sale of AOC, a leading global specialty chemicals company, to Nippon Paint Holdings Co., Ltd.

AOC is a premier manufacturer of specialty chemical formulations in the unsaturated polyester and vinyl ester sectors, serving a diverse global customer base in the infrastructure, construction (residential and commercial), transportation and recreation sectors. AOC has operations in North America, Europe and Asia.

Since acquiring AOC, Lone Star has supported the company’s growth through strategic investments in innovation, operational efficiencies and the expansion of its leadership team. These efforts have strengthened AOC’s market leadership and positioned it for long-term success.

“We are pleased to have worked alongside AOC and its dedicated management team, whose leadership and expertise have been instrumental in driving the company’s growth and innovation,” said Donald Quintin, Chief Executive Officer of Lone Star. “We are confident that AOC will continue to thrive under Nippon Paint’s ownership, leveraging its strong foundation and expertise to drive long-term shareholder value.”

The initial definitive agreement of the sale was announced on October 28, 2024, and the final close took place on March 3, 2025.

Morgan Stanley & Co. LLC and Citi served as sell-side financial advisors, and Gibson, Dunn & Crutcher LLP provided legal advice to the seller. AOC Management was advised by Jamieson Corporate Finance, Katzke & Morgenbesser LLP.

About Lone Star

Lone Star is a leading private equity firm advising funds that invest globally in corporate equity, credit, real estate and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized 25 private equity funds with aggregate capital commitments totaling approximately $95 billion. The firm organizes its funds in three series: the Opportunity Fund series; the Commercial Real Estate Fund series; and the U.S. Residential Mortgage Fund series. Lone Star invests on behalf of its limited partners, which include institutional investors such as pension funds and sovereign wealth funds, as well as foundations and endowments that support medical research, higher education, and other philanthropic causes. For more information regarding Lone Star Funds, go to www.lonestarfunds.com.

About AOC

AOC is a leading global supplier of specialty formulations and solutions which enable customers to create robust, durable, and versatile products and components for applications in Coatings and Protective Barriers, Colorants and Visual Effects, Adhesives and Specialties, and Conventional Composites.

With strong capabilities worldwide in manufacturing and science, the company works closely with customers to deliver unrivaled quality, service, and reliability for today and create innovative solutions for tomorrow.