Private equity group Sun European Partners has completed the sale of Elix Polymers to China’s chemical giant Sinochem International for an enterprise value of €195 million.

An affiliate of Sun European Partners bought the Spanish ABS manufacturer – a former Bayer and later Lanxess group site – in 2012. Since then, Sun said it has transformed Elix from a production-focused unit of a large chemicals conglomerate into a European standalone market leader, with a “considerable” jump in productivity, a strong increase in sales and a quadrupling of EBITDA.

“We are pleased to have completed our sale of Elix. The progress made by the company during our ownership allowed for a successful exit and we continue to actively seek further investments in Spain,” said Lionel de Posson, managing director at Sun European Partners.

The integration of Elix into Sinochem will enable the Tarragona-based company to position itself quickly in the Asian market, also strengthening its presence in Europe and America.

Elix is currently working on a €4 million upgrade of its ABS powder production facilities in Tarragona. The project is scheduled to complete during 2019.