Talks accelerate for sale of catalysts and polymer materials-maker Polynt group, which has been controlled by South European private equity operator Investindustrial since 2008 (through Polimeri Speciali Holding spa).
Investindustrial which is led by Mr. Andrea Bonomi is said to be willing to close the sale (see here a previous post by BeBeez) by the end of March, Reuters wrote yesterday pointing that the sale process is led by financial advisor Morgan Stanley.
Last September rumors were that some US private equity funds such as SK Capital and KPS Capital were quite interested in the deal while now chemical US group Reichhold is said to be the frontrunner in the race. SK Capital is in the meantime in talks with Eni energy giant for acquiring control in its chemical division Versalis, which is in turn in a sale process (see here a previous post by BeBeez).
In December 2014 Polynt announced the closing of the acquisition of CCP Composite, a US subsidiary to French oil&energy giant Total sa (see here a previous post by BeBeez). The US company reached 560 million dollars of revenues in 2013 while Polynt reached 1.1 billion dollars (or 800 million euros) on a consolidated basis the same year, so the deal was a huge change in size for Polynt with close that year with pro-forma reenues of about 1.7 billion dollars. In 2015 the group reached 92 millione uros of ebitda and it is said to be valued about 7.5x FY 2015 ebitda or about 700 million euros.