KPS takes control of Ketjen from Albemarle to scale catalysts now

KPS Capital Partners has agreed to acquire a majority stake in the refining catalyst business of Ketjen from Albemarle, creating a standalone industrial platform focused on catalysts and additives for refining and petrochemicals. Under the deal, KPS will hold roughly 51% and Albemarle will retain about 49%, with KPS taking operational control and a majority of seats on the board. The transaction is expected to close in Q1 2026, subject to standard regulatory approvals.

Ketjen manufactures advanced catalyst technologies used across fluidized catalytic cracking, hydroprocessing and clean fuels production. Headquartered in Houston, Texas, the business runs two production sites, two research and technology centres and two joint ventures, employs roughly 840 people and serves customers in more than 25 markets. Albemarle will keep full ownership of its Performance Catalyst Solutions (PCS) line while spinning out Ketjen’s refining-focused operations into the new joint structure.

Management statements from both sides underline an emphasis on industrial improvement and growth. Raquel Vargas Palmer, Managing Partner at KPS, said the firm will lean on its manufacturing playbook to lift operational performance, accelerate product development and expand Ketjen’s global footprint. Ketjen’s president, Michael Simmons, described the change as a chance to operate with greater commercial focus as an independent platform. Albemarle CEO Kent Masters said retaining a substantial minority stake signals confidence in Ketjen’s long-term earnings potential under KPS’ stewardship.

Financing for the deal includes committed debt from a syndicate led by Barclays, Jefferies, BNP Paribas and Santander, according to the announcement. Legal and financial advisers named in the release include Paul Weiss and Raymond James, which supported KPS on due diligence and structuring.

For private equity investors, specialty catalysts represent a resilient niche: the global catalysts market is typically estimated in the low‑tens of billions of dollars and benefits from steady demand tied to refining throughput, petrochemicals output and an ongoing shift to cleaner fuels and renewable feedstocks. The carve‑out gives KPS a business with high technical barriers to entry, long customer relationships and margin uplift opportunities from operational optimisation.

Market watchers will be looking for the new Ketjen to outline a clear plan for capital investment, product pipeline acceleration and geographic expansion after close. With KPS at the helm and committed bank financing in place, management says the priority will be combining operational discipline with targeted R&D to capture efficiency gains and meet evolving regulatory and sustainability requirements across refining and petrochemical value chains.