Industrials and Chemicals

Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with a $600 million revolving credit facility made available to Valvoline Inc., a leader in automotive preventive maintenance delivering convenient and trusted services in its retail stores throughout the United States and Canada. The transaction closed on August 24, 2026.

On September 4, 2026, Stanley Black & Decker, a worldwide leader in Tools and Outdoor, announced that it has entered into a definitive agreement to sell its Excel Industries (“Excel”) business to Bad Boy Mowers. Excel is a leading designer and manufacturer of premium commercial and residential turf‑care equipment under the distinct brand of Hustler Turf Equipment (“Hustler”). Cravath is representing Stanley Black & Decker in connection with the transaction.

Cravath represented the underwriters in connection with the $2 billion registered senior notes offering of The Mosaic Company, the world’s leading producer and marketer of concentrated phosphate and potash crop nutrients. Cravath also represented the dealer managers in The Mosaic Company's concurrent $1.4 billion cash tender offer. The transactions closed on August 17, 2026 and August 18, 2026, respectively.

Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $4.25 billion revolving credit facility made available to 3M Company, a leading diversified technology company. The transaction closed on August 17, 2026. 

Cravath represented AdvanSix Inc. in connection with $425 million of credit facilities. AdvanSix Inc. is a leading integrated chemistry company that produces essential materials for diverse end markets. The facilities consisted of a $275 million revolving credit facility and a $150 million term loan facility. The transaction closed on August 14, 2026. 

On December 9, 2025, Cravath was recognized by the Financial Times in connection with its annual “North America Innovative Lawyers” report, which showcases “the most innovative work and legal services that lawyers have developed for clients in North America.” The Firm received “Highly commended” honors in the “Dealmaking” category for its representation of Vista Outdoor in its $1.125 billion sale of Revelyst to SVP and $2.225 billion sale of The Kinetic Group to CSG.

On November 28, 2025, Cravath’s antitrust practice was ranked among the “Elite” in Global Competition Review’s 2026 edition of GCR 100, a guide to the world’s best competition practices. This is the fourteenth consecutive year the Firm has been ranked in the highest tier among New York Firms by GCR. The publication highlighted Cravath as a “premier choice for major antitrust litigation, enforcement actions and high‑profile transactional matters,” noting its representations of clients including Corteva in antitrust litigation brought by the FTC and related putative class actions; Elsevier in putative class action antitrust litigation; Epic Systems in an action filed by Particle Health; and Wiz on antitrust matters in connection with its $32 billion acquisition by Google.

In an article highlighting the October release of the 2025 edition of IFLR1000, IFLR named Cravath among the law firms that “made the largest strides in the banking and finance rankings across four key European markets this year.” It further pointed to Cravath’s “sharp ascent” in rankings as evidence of U.S. firms becoming increasingly active in London’s finance space. The 2025 edition of IFLR1000 recognized Cravath across five categories: Bank Lending – Lender Side, Bank Lending – Sponsor Side, Capital Markets – Debt, Capital Markets – Equity and Capital Markets – High Yield.

On September 18, 2025, the Financial Times recognized Cravath at the publication’s Innovative Lawyer Europe Awards 2025, which recognize the most innovative work and legal service lawyers have developed for their clients in Europe. Cravath was chosen as the winner in the “Dealmaking” category in recognition of the Firm’s representation of the lead arrangers and initial purchasers in the €1.9 billion financing supporting TDR Capital and I Squared Capital’s public-to-private acquisition of Applus+.

On August 11, 2025, Cravath published the latest edition of its Quarterly Review, which provides insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape. This edition covers: