Apollo buys alkylamines maker Taminco from CVC for €1.1bn

16 December 2011 12:34  [Source: ICIS news]

LONDON (ICIS)--CVC Capital Partners has agreed to sell its majority stake in global alkylamines producer Taminco to affiliates of US-listed Apollo Global Management for approximately €1.1bn ($1.4bn), the private equity group said on Friday.

London-based CVC bought its stake in Belgium-headquartered Taminco in 2007 for €800m. In February 2010, it had planned, but withdrew, from an initial public offering (IPO) for the company, which sells a broad range of products into markets as diverse as personal care, oil and gas, as well as agrochemicals,. It had been talking this year to Germany-based rubber chemicals and specialties maker Lanxess.

“With Apollo, we welcome a new investor with particular expertise in investing in chemicals companies, such as Momentive Performance Materials Holdings,” Taminco CEO Laurent Lenoir said.

“Apollo is fully committed to [endorsing the] management’s plans and to [continuing] the growth story, while preserving our unique corporate culture,” he added.

Under CVC ownership, Taminco’s sales rose 14% to €715m in 2010 from €625m in 2007,with earnings before interest, tax, depreciation and amortisation (EBITDA) climbing 46% to €159m. During that period, Taminco implemented an integrated manufacturing strategy, investing in its US operations, as well as globalising its business through a joint venture in China with Mitsubishi Gas Chemical.

“Taminco is a high-quality business, with robust margins and healthy growth prospects,” CVC said.

($1 = €0.77)

By: Nigel Davis
+44 20 8652 3214

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