Apollo Global to acquire Belgian chemical producer
19 December 2011 by Abhishek DuttaApollo Global Management and its subsidiaries have entered into a definitive agreement to purchase Taminco Group from subsidiaries of CVC Capital Partners for approximately €1.1bn.
Under the acquisition, Apollo will support Taminco's continued growth in globalisation, product innovation, integration and customer commitment.
The acquisition is expected to be completed in the first half of 2012 and is subject to customary closing conditions.
Taminco mainly produces alkylamine, and their derivatives are key building blocks that are used in a broad array of chemical products that have a wide range of applications.
Taminco supplies chemical products to wide variety of markets including personal and home care, food and nutrition, energy, oil and gas, pharmaceuticals and water treatment.
Taminco said when it worked under CVC's management, CVC made a fully integrated manufacturing strategy, made significant contributions in its US operations and has globalised its business through a joint venture in China with Mitsubishi Gas Chemical Company.
CVC senior managing director Steven Buyse said Taminco is a high-quality business with robust margins and healthy growth prospects.
"We are delighted to have been actively involved since 2007 in the evolution of Taminco to a fully integrated global player in the speciality chemicals market," Buyse said.
Taminco CEO Laurent Lenoir said they enjoyed working with CVC and greatly appreciated their support for their international expansion and investment strategy, including their most recent joint venture in China and the recently announced dimethylaminoproplamine unit in their plant in Louisiana, US.
