KPS Capital Partners announced it has entered into a definitive agreement with Albemarle Corporation to acquire a controlling 51% stake in Ketjen Corporation’s refining catalyst solutions business, forming a new independent company that will become a global leader in advanced catalysts and additives for the refining and petrochemical industries.
Albemarle will retain a 49% ownership stake and full ownership of Ketjen’s Performance Catalyst Solutions (PCS) business. The transaction is expected to close in the first quarter of 2026, pending customary regulatory approvals.
Under the agreement, KPS will hold majority board representation and operational control of Ketjen. The new company will focus on scaling its advanced catalyst technologies that are critical to refining and petrochemical processes, helping global producers enhance safety, efficiency, and profitability while supporting the energy transition.
Headquartered in Houston, Texas, Ketjen employs approximately 840 people and operates two manufacturing facilities, two research and technology centers, and two joint ventures across North and South America, Europe, and Asia. Its catalysts and additives are used to transform crude oil and renewable feedstocks into fuels and chemicals across a wide range of sectors, including petrochemicals, transportation, construction, and agriculture.
This acquisition marks another significant industrial investment for KPS, a firm known for its long track record of acquiring and growing manufacturing and specialty materials businesses through operational improvement and innovation. The firm will leverage its global industrial expertise and manufacturing-focused investment model to drive Ketjen’s next phase of growth.
Harris Williams served as lead financial advisor to Shermco, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel. Barclays, Jefferies, BNP Paribas, and Santander provided committed debt financing to support the transaction.
KEY QUOTES
“We are thrilled to make a controlling investment in Ketjen, a leading global provider of mission-critical catalysts and additives for petrochemical and fuel producers. The Company’s solutions are essential to manufacturing a wide range of products, including sustainable fuels and chemicals, ensuring safety, quality and emissions standards while enhancing production yields and producer profitability. We will leverage KPS’ decades of global manufacturing experience to create an entrepreneurial culture centered on innovation and continuous improvement, while providing strategic support and capital to accelerate the Company’s growth opportunities. Ketjen remains committed to supporting its customers in the refinery industry and delivering industry-leading solutions, service and quality. We look forward to partnering with Ketjen’s talented employees, senior management team and Albemarle to drive the Company’s growth and profitability.”
Raquel Vargas Palmer, Managing Partner, KPS Capital Partners
“The Ketjen team is excited to partner with KPS as we begin our next chapter as an independent company. KPS has an exceptional track record of investing in and strengthening industrial and specialty materials businesses, and we are confident they are the right partner to support our long-term growth. Their commitment to manufacturing excellence, operational improvement and innovation will enable us to build on Ketjen’s strong market position and deepen our partnerships with customers around the world.”
Michael Simmons, President, Ketjen
“We have been impressed with KPS and their proven expertise in managing large, global manufacturing and industrial businesses. Albemarle’s retained stake in Ketjen highlights our belief in the Company’s earnings growth and value creation potential under KPS’ direction, and we look forward to partnering with KPS in driving Ketjen’s next phase of growth.”
Kent Masters, Chairman and Chief Executive Officer, Albemarle Corporation
