Private equity firm agrees deal to buy Clariant - sportstextiles: Lea SportsTextiles

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Private equity firm agrees deal to buy Clariant textile business

02/01/2013
Chemicals manufacturer Clariant has signed an agreement to divest its textile chemicals, paper specialties and emulsions businesses to US-based private investment firm SK Capital. The total consideration of the sale amounts to approximately CHF 502 million, out of which approximately CHF 460 million will be in cash, equivalent to 6.3 times the estimated full year 2012 earnings of those businesses.

Both companies’ boards have approved the deal, but it is still subject to regulatory approvals and is expected to close by the end of the second quarter of 2013.

Clariant chief executive, Hariolf Kottmann, said the deal to sell the company’s textile business unit had gone through faster than he had expected.

For his part, Barry Siadat, a managing director of SK Capital, said: “We are delighted to partner with the management and employees of these businesses to build upon their strong technology, brand, and leading market positions to more efficiently serve their large and growing global markets and customers. We believe these businesses provide an attractive platform to capitalise on their overlaps in technology, manufacturing, supply chain and logistics.”



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