Lubrizol Performance Systems ("LPS"), a division of The Lubrizol Corporation, produces and supplies a broad range of custom-engineered explosion-proof precision blending and additive metering equipment for the petroleum and chemical industries.
Following Lubrizol's acquisition of Noveon International, Inc. (formerly part of BF Goodrich Chemicals), it publicly announced that certain non-core operating assets, including LPS, would be divested.
Lubrizol engaged Grace Matthews to run a competitive sale process for LPS. Lubrizol was concerned with not only maximizing value for its shareholders, but also finding a good home for the LPS business and its employees, which were located at facilities in the U.S. and the United Kingdom. The business was ultimately sold to Delft Instruments, a strategic buyer headquartered in The Netherlands.