Minerals Technologies Completes Sale of Subsidiary’s Talc Business

NEW YORK, April 29, 2024 (GLOBE NEWSWIRE) — Minerals Technologies Inc. (NYSE: MTX)  today announced that its subsidiary, Barretts Minerals Inc., has completed the sale of all the talc assets to Riverspan Partners for $32 million. The go-forward company will conduct business under the Barretts Minerals brand.

The United States Bankruptcy Court for the Southern District of Texas (the “Court”) approved the sale, which includes an agreement to assume certain Assumed Liabilities, on March 25, 2024 as part of the ongoing Chapter 11 process of Barretts Minerals Inc. (“BMI”) and Barretts Ventures Texas LLC (together, “BMI”). Proceeds from the sale will be used to fund BMI’s ongoing Chapter 11 case including the repayment of its debtor-in-possession funding and the anticipated creation of a section 524(g) trust.

No other subsidiaries or business units of MTI are included in the Chapter 11 filing or the sale and, as such, all are operating business as usual and will continue to do so.

“This is an important step in MTI’s exit from the talc business, and represents forward progress in BMI’s Chapter 11 process,” said Douglas T. Dietrich, Chairman and Chief Executive Officer of MTI. “This sale not only delivers value and certainty to BMI’s various stakeholders, it also enables MTI to move forward with a clear focus on achieving our long-term strategic objectives.”

Riverspan Partners is a Chicago-based investment firm focused on lower middle market companies in the industrials sector, including engineered materials and advanced manufacturing. Leveraging its deep domain expertise, Riverspan seeks to work with management teams to accelerate growth and build durable, long-term success.

Dave Thomas, Partner and Co-Founder at Riverspan, said, “Riverspan is committed to the long-term success of Barretts, and we are excited to partner with the organization and its leaders in the next phase of the company’s growth. We are excited to acquire these high-quality assets, which are bolstered by a very talented employee base and a strong safety culture. We look forward to providing financial support and operational expertise as the business expands its product portfolio and continues to deliver excellent service to its customers.”

BMI is advised by Latham & Watkins LLP, Jefferies LLC, and M3 Partners. Additional information about the Chapter 11 cases can be found at: https://cases.stretto.com/BMI.

Riverspan is advised by Milbank LLP, McDermott Will & Emery LLP, and Holland & Hart LLP.