Carlyle chemicals producer PQ Holdings withdraws $450 million IPO

PQ Holdings, a global producer of silica-based inorganic chemicals, withdrew its plans for an initial public offering on Friday. PQ Holdings originally filed for a $450 million IPO in February.

Its decision not to IPO does not come as a surprise. During the first half of the year, Carlyle attempted to auction the entire company for $3 billion. In August, it reportedly prepared to break up the company by its segments (industrial catalysts, specialty silica and performance chemicals). In September, private equity firm CCMP Capital purchased a 47% stake in the company, with the remaining 53% is held by The Carlyle Group, INEOS and management.

Another large chemicals company, Univar (UNVR), is on file for an IPO that could raise $1 billion or more.

The Malvern, PA-based company was founded in 1831 and booked $1 billion in sales for the 12 months ended September 30, 2013, the most recent financials disclosed. BofA Merrill Lynch, Credit Suisse, J.P. Morgan, Barclays, Citi, Deutsche Bank, Goldman Sachs, Jefferies and Morgan Stanley were set to be the joint bookrunners on the deal.