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
During a European Industry Summit held on the site of BASF in Antwerp, leaders from basic industry sectors, representing 7.8 million workers in Europe, joined forces with European trade unions and European leaders to address pressing concerns regarding Europe’s industrial landscape.
The use of blue or low-carbon hydrogen, made from natural gas with carbon capture and storage (CCS), could increase near-term global warming by 50% compared with burning fossil fuels directly for energy if emissions are not properly managed, according to a new study by NGO the US Environmental Defense Fund (EDF) and the University of Arizona.
In a move to improve the supply of renewable hydrogen and thus reduce dependence on natural gas and contribute to achieving the objectives of the European Green Deal and the REPowerEU plan, the EU Commission has approved a third Important project of common European interest (IPCEI) to support hydrogen infrastructure.