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August 2023

Steel Industry

Speyside Completes Continuation Vehicle With Opta

By Company News

Transaction continues partnership while fueling Opta’s next growth phase.

Speyside Equity Advisers announced Friday, August 25th that it has completed a continuation vehicle transaction to support future growth initiatives of portfolio company, Opta Group LLC. The transaction provides Speyside with an ability to continue its partnership with Opta while fueling the Company’s next phase of growth. The transaction was led by Elliott Investment Management L.P.

Opta is a leading supplier of performance materials and solutions in the molten metal, infrastructure, and specialty chemical industries. Speyside acquired Toronto-based Opta Minerals in 2016 and took the company private. Speyside acquired the debt of Munich-based SKW Metallurgie in 2017, and subsequently converted its position to equity and took the company private. In 2019, Speyside amalgamated SKW Metallurgie with Opta Minerals to form Opta Group LLC. Since the completion of the amalgamation, Speyside has guided the company through integration and restructuring to set up the business as a strong platform for future growth. The continuation vehicle will provide Opta with the resources to accelerate organic growth initiatives and pursue additional acquisition opportunities.

“Our operational approach at Speyside is well evidenced in this transaction,” said Eric Wiklendt, Managing Director at Speyside and Board Chair of Opta.

“Speyside looks to invest in businesses where there are opportunities for improvement and a resulting increase in value,” said Wiklendt. “With the continuation vehicle, Opta will be able to write the second chapter of value creation by executing on key product launches and acquisitions. We thank Elliott for their partnership and shared vision.”

Opta CEO, John Dietrich commented, “Speyside has been a trusted partner from the beginning. They have guided and supported our reorganization and improvement efforts at Opta. The last four years have been about building a strong operational platform from which to execute explosive growth over the next several years and achieve Opta Vision 2025. This new capitalization structure that Speyside is partnering with Elliott to bring is exactly what we need to achieve our vision.”

“Speyside has been a trusted partner from the beginning. They have guided and supported our reorganization and improvement efforts at Opta.

John DietrichOpta CEO

Jefferies served as exclusive financial advisor through the partnership of its Private Capital Advisory and Metals & Mining teams, with McDermott Will & Emery serving as Speyside’s legal counsel. Debevoise & Plimpton acted as legal counsel for Elliott.