Company: NGVT
Filing Date: 2025-09-04
Form Type: 8-K
Source: 0001493152-25-012603
Chunk: 0

Company: Ingevity Corp
Filing Date: 2025-09-04
Form: 8-K
Item: Item 1.01
Chunk 0
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Item       Entry                                 

The
Asset Purchase Agreement

On
September 3, 2025, Ingevity Corporation, a Delaware corporation (“ Ingevity”), entered into an Asset Purchase Agreement (the
“ Purchase Agreement”) with Mainstream Pine Products, LLC, a Delaware limited liability company (“ Purchaser”),
pursuant to which Purchaser will purchase substantially all of the assets and assume and acquire certain of the rights and liabilities
of Ingevity or its applicable affiliates that relate to or are used in connection with (a) Ingevity’s industrial specialties product
line (other than Ingevity’s lignin dispersant and alternative fatty acid based products, road technologies product line and other
businesses and products more fully described in the Purchase Agreement) and (b) Ingevity’s North Charleston, South Carolina crude
tall oil refinery (the “ CTO Refinery”) and Ingevity’s and its affiliates’ operations thereof (collectively, the
“ Transaction”). The Transaction is expected to close by early Q1 2026.

Pursuant
to the terms of the Purchase Agreement, the purchase price for the Transaction will consist of $110 million in cash, subject to customary
adjustments for working capital. In addition, Purchaser may be required to pay Ingevity additional, contingent consideration of up to
$19 million based on the highest EBITDA amount earned by the Businesses (as defined in the Purchase Agreement) during any 12-month period
on or before the 36-month anniversary of the closing date. There is no guarantee that any additional, contingent consideration will be
payable.

Each
party’s obligation to consummate the Transaction is subject to the satisfaction of certain agreed-upon closing conditions, including,
without limitation, (a) the receipt of certain approvals, consents or waivers, (b) the accuracy of the other party’s representations
and warranties, (c) the other party’s compliance with its covenants contained in the Purchase Agreement, (d) delivery of customary
officer’s and secretary’s certificates and (e) the absence of any order or law making any document contemplated by the Transaction
illegal or otherwise restraining or prohibiting the consummation of the Transaction. In addition, Purchaser’s obligation to consummate
the Transaction is subject to certain additional agreed-upon closing conditions, including, without limitation, (i) the absence of a
Material Adverse Effect (as defined in the Purchase