American Securities bought the business in 2009 as part of its acquisition of GenTek.
General Chemical has three divisions, water treatment chemicals, sulphuric acid, and specialty chemicals, and operates 45 facilities in the US and Canada.
American Securities managing director Matthew LeBaron said, “We are very pleased with the outcome of this investment.
“In our partnership with General Chemical, we worked closely with Bill Redmond and the rest of the company’s management team to strengthen and grow the business.”
American Securities is nearing a final close for its third distressed debt fund, which had received commitments of just over $725m as at early November.
The firm’s recent deals include the acquisition of packaging and tubing manufacturer Tekni-Plex from Oaktree Capital Management.
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