New operation by Investindustrial in chemicals. Andrea Bonomi's fund announces the merger of the subsidiary Polynt and the US Reichhold which will give life to a new leading group in the field of coating resins and composites with a turnover of over 2,1 billion euros.
Polynt-Reichhold will be equally owned by the funds managed by Investindustrial and Black Diamond Capital Management. Polynt is currently wholly owned by Investindustrial, while Reichhold is controlled by a group of investors, including funds managed by Black Diamond Capital Management, the most significant individual shareholders.
The transaction, which is expected to close in the second half of 2016, is subject to customary regulatory approvals. The merger – indicates the note – further consolidates the group's position as a global player in the field of specialized chemicals, vertically integrated and with a significant presence in Europe and North America.
This strategy, inaugurated by Polynt over the past five years with the integration of PCCR and CCP, will be further strengthened by Reichhold's global scale, broad product portfolio and R&D expertise.
“We are thrilled – comments Bonomi – of the path taken by Polynt and its highly experienced management: the company has come to generate revenues of 1,3 billion euros compared to a value of less than 600 million recorded at the time of our initial investment and today it forms a group with a turnover of 2 billion euros and a significant global presence”.
Financing is provided by credit fund manager GSO Capital Partners.
