BC Partners Credit and Abrams Capital are backing ContextLogic’s $907.5m acquisition of US Salt, marking the first major step in building a new business ownership platform centred on long-duration, niche companies. 

The deal sees ContextLogic acquire the 132-year-old salt producer from Emerald Lake, which carved out the business in 2021.

The transaction reshapes ContextLogic following its post-IPO collapse and the 2024 sale of its former e-commerce assets. The firm is now repositioning itself as an owner of specialist businesses with strong cash generation, supported by BC Partners Credit’s $150m strategic commitment and the company’s $2.9bn of net operating losses and tax assets.

US Salt supplies high-purity evaporated salt for food, pharmaceutical, and water treatment markets, which have remained resilient through economic cycles. Its management team, led by CEO David Sugarman, will continue in place under the new ownership structure. Abrams Capital will roll over substantially all of its existing stake in US Salt and become the largest shareholder in ContextLogic after completion.

Ted Goldthorpe, Head of BC Partners Credit and Chair of ContextLogic’s Board, said: “We are very excited to partner with David Sugarman and US Salt to drive value for all shareholders of ContextLogic through its defined growth strategy. US Salt’s outstanding management team, resilient business model, consistent track record of growth, and runway for future expansion – including M&A – distinguished it as an exceptional company.”

Emerald Lake’s partner Russ Hammond said the firm was “extremely proud” of US Salt’s development since 2021, adding that ContextLogic “will be a great long-term home for the business.”

The acquisition will be financed through $292m of cash, debt arranged by Blackstone Credit & Insurance, and a rights offering expected to raise about $115m. Abrams Capital and BC Partners Credit will fully backstop the offering. Abrams will roll over equity valued at about $315m.

On closing, expected in the first half of 2026, ContextLogic’s existing shareholders will hold around 60% of the company. Across ContextLogic and its subsidiary, ownership will be split between existing shareholders (38%), Abrams Capital (39%), BC Partners (21%), and other rolling shareholders and management (2%).

Board changes accompany the deal. Bobbili and David Abrams will join ContextLogic’s board, while Goldthorpe will chair a new investment committee. Mark Ward of BC Partners becomes president. CEO Rishi Bajaj will step down to return to Altai Capital but will remain a shareholder.

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