Polynt-Reichhold Up for Sale
The private equity owners of Polynt-Reichhold are seeking a sale of the specialty chemicals company, according to Reuters. Sources told the news agency that the value of any deal would likely be about €2.5 billion. An agreement is expected in the second quarter of this year.
Polynt-Reichhold was formed in 2017 from merging Polynt, owned by Italian buyout fund Investindustrial, with Reichhold, owned by US asset management firm Black Diamond Capital Management. The composites and resins producer has 40 manufacturing facilities worldwide and annual revenues of about €2 billion. It has three regional headquarters in located in Scanzorosciate, Italy (Polynt’s historical HQ); Carpentersville, Illinois, USA and Changzhou, China.
Investindustrial is said to have picked Morgan Stanley to work on the sale, with the process due to start in the coming weeks. Reuters quoted an anonymous source as saying that the sale is going to “draw interest not just from industry names but private equity with the know-how and skills like Cinven or Apollo.”
Last September, Investindustrial and Black Diamond agreed to buy Hexion’s phenolic specialty resin, hexamine and European forest products resins businesses for about $425 million. The deal is due to close during the current quarter.
Author: Elaine Burridge, Freelance Journalist
