Lone Star Takes AOC from CVC
Netherlands-based AOC, a producer of unsaturated polyester resins, vinyl ester resins and other solutions for applications in coatings, colorants, adhesives and conventional composite resins, is being transferred from one private equity investor to another.
Seller is London-based CVC, and the buyer an affiliate of Texas, USA-headquartered Lone Star Funds. The deal is subject to approval by AOC’s employee representatives and relevant regulatory authorities.
The resins maker headquartered at Schiphol, with production facilities in the US, Canada, Mexico, Europe and Asia, manufactures specialty products for the automotive, marine, corrosion, construction, and infrastructure sectors.
Simultaneously, Dutch chemicals and life sciences group DSM is selling its minority stake in AOC, which it acquired in 2015 through folding its own composite resins business into the enterprise, for an estimated €300 million in cash.
CVC acquired AOC in 2018, merging the company with its Swiss-based majority holding Aliancys, formerly DSM Composites Resins. DSM sold its coating resins business to German engineering plastics producer Covestro for €1.61 billion.
Donald Quintin, president, Opportunity Funds, at Lone Star, said AOC aligns well with the investor’s portfolio of specialty chemical and manufacturing businesses, which have adopted similar approaches to value-added product delivery.
Author: Dede Williams, Freelance Journalist
