Apollo buy Taminco Group from CVC Capital Partners

Apollo to buy Taminco Group from CVC Capital Partners

8:57 PM, 18th December 2011
Apollo to buy Taminco Group from CVC Capital Partners

NEW YORK, US: Affiliates of Apollo Global Management LLC agreed to buy Taminco Group Holdings from affiliates of CVC Capital Partners for about €1.1 billion. The purchase of Taminco Group Holdings is expected to close in the first half of next year, New York-based Apollo said in a statement.

The agreement ends a prolonged exit by CVC from Taminco, which the London-based private-equity firm bought for €800 million in 2007. The Fund Manager canceled an initial public offering in February 2010, citing market volatility, and couldn’t reach a sale agreement with synthetic rubber maker Lanxess AG this year. CVC, which is investing a €10.8 billion European buyout fund, is set to make more than twice its initial investment in the sale, said the people, who declined to be identified.

Taminco takes ammonia and blends it with alcohol to make amines that can be reacted with other chemicals to make derivatives for pharmaceuticals, foods, crop chemicals and solvents. It’s a consolidated market, with BASF SE of Germany as the other major supplier of amine derivatives.

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