CVC announces acquisition of Taminco

09-Jul-2007

CVC Capital Partners announced that funds managed and advised by CVC have reached an agreement to acquire Taminco, producer of alkylamines and derivatives. The transaction is subject to regulatory approval. Taminco produces alkylamines and derivatives, key building blocks for the pharmaceutical, agrochemical, animal feed and water treatment industries. Taminco was established in its current form following a carve-out from UCB in October 2003. From its origin as a chemical intermediates supplier, the company has developed its portfolio with products having strong niche specialty chemical positions. Taminco recently acquired the amines business of Air Products, nearly doubling the firms' size and firmly positioning itself as the global market leader in methylamines, methylamine derivatives and higher amines. The company is headquartered in Ghent, Belgium and employs 850 people. Taminco currently has 8 production sites across the world: 2 in Europe (Belgium and Germany), 3 in the US, 1 in Brazil and 2 in China. Taminco expects to generate total sales of approximately EUR600 million in 2007. Taminco was sold by AlpInvest Partners in an auction process run by Merrill Lynch. CVC and the management team will acquire Taminco for an Enterprise Value of EUR0.8 billion. The transaction will be structured with a conventional split between equity and debt. The total equity contribution is expected to be around EUR200 million. CVC European Equity Partners IV will have a stake of around 75% in the company, whilst the remainder will be held by the existing management team. Debt facilities for the transaction have been provided by Merrill Lynch, Rabobank, Dresdner Kleinwort and Fortis Bank.

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