Polynt Group sarl, a leading producer of specific polymer intermediates and specialties in Europe, with a growing Asian and US presence but with a strong Italian origin, announced yesterday it received all the necessay goaheads by the Antitrust Authorities in order to acquire CCP Composite, a US subsidiary to French oil&energy giant Total sa (download here the press release).
The deal had been anticipated last July by the two counterparts (see a previous post by BeBeez) and the closing of the deal is now expected for next December 1st.
The acquisition will be conducted by Polynt Group’s US subsidiary Pccr Inc. The latter is a leading supplier of high quality polymer resins, continuing a legacy of more than 60 years producing materials for the coating and composite industries. CCP Composites develops, produces and distributes solutions for composites and is a leader in thermoset composites. The compant counts 800 employees and in 2013 reached 560 million dollars of revenues.
The whole Polynt Group, controlled by Italian private equity operator Investindustrial, reached 1.1 billion dollars of revenues in 2013. The major part of operations are conducted by the Italian subsidiay Polynt spa, which closed year 2013 with 632.3 million euros of revenue (from 680.7 millions in 2012) with 40.8 millions of enbitda (from 53.2 millions). The first semester of 2014 was good with 364.1 million euros (from 331.1 in the same period of 2013) and an ebitda of 30.1 millions (from 23.7) (download here Polynt spa’s figures).
Thanks to the integration of CCP Composite’s activites, Polynt group will reach pro-forma consolidated revenues of 1.7 billion dollars this year thati is twice the revenues it had back in 2008 when Investindustrial bought out the group.