Private equity firm Bain Capital agreed to buy Italian chemicals maker Italmatch from french investor Ardian, the companies announced on Thursday, defeating rival bids from KKR and Cinven.
The firm did not disclose a deal value, but sources familiar with the matter told Reuters on Wednesday that Bain will pay around 700 million euros ($808.71 million) to take control of the Genoa-based company.
Italmatch has been controlled by Ardian since 2014 and Bain said in a statement that under Ardian ownership, Italmatch has more than doubled its sales over the past four years.
Bain Capital Managing Director Ivano Sessa said the firm is seeking to grow Italmatch organically and through acquisitions.
Ardian had hired Goldman Sachs and BNP Paribas to kick off an auction process in the second quarter, which mainly drew interest from private equity investors, including KKR, Bain and Cinven.
It started sounding out potential bidders earlier this year to take advantage of high sector valuations.
Italmatch, founded in 1997 through a management buyout of phosphorus derivatives maker Saffa, has expanded its global footprint in recent years through a series of acquisitions.
By Sangameswaran S
Source: Reuters
The investment enables the steam cracker to increase the share of renewable and recycled raw materials used in its (ethylene and propylene) production. The move supports the Borealis Strategy 2030 for a circular economy. The Porvoo investment program is expected to be completed in 2025.
Murray Auchincloss, bp’s CEO, said in a statement: “As I set out in February, BP’s destination from IOC [international oil company] to IEC [integrated energy company] is unchanged – and we need to deliver as a simpler, more focused, and higher-value company.
Founded in 1972, Tecnofilm has expanded its product portfolio over the years to offer a wider range of compounds and functional polymers for various industrial applications and technical articles. The company has patented several of its products.
