Plastics and chemical distributor Nexeo Solutions Holdings LLC, Houston, TX, has agreed to be acquired by the investment firm WL Ross Holdings Corp., New York, NY, from TPG for $1.6 billion.

Nexeo Solutions reported sales of $3.9 billion in the fiscal year ended Sept. 30. The company operates 170 locations in more than 80 countries. WL Ross Holdings, which is owned by billionaire investor Wilbur Ross, will change its name to Nexeo Solutions Inc. upon completion of the acquisition.

"This transaction allows us to align our ownership structure in a way that accelerates our progress towards defining distribution," said David Bradley, president and CEO of Nexeo Solutions. "With a strong, centralized operating platform and access to multiple sources of capital, I believe we will be positioned to grow organically and through acquisition."