|FOR IMMEDIATE RELEASE||
Chris Tofalli Public Relations, LLC
NEW YORK, March 6, 2012 – Arsenal Capital Partners, a leading New York-based private equity firm that invests in middle-market specialty industrial, healthcare, and financial services companies, announced today that it has entered into an agreement to acquire the global colorants business from Evonik Industries.
Evonik’s colorants business develops, produces and markets the COLORTREND® brand of paints for decorative end-use applications in the architecture sector. Its CHROMA-CHEM® products are used for industrial applications including maintenance and marine and timber coatings. The colorants are also formulated for ecological sustainability. In 2011 Evonik's colorants business generated sales of around €130 million, with roughly half of this amount coming from the USA. In addition to a facility in Lockland (Ohio, USA), there are production plants in Maastricht (Netherlands), Dandenong (Australia) and Brampton (Canada) operating with over 300 employees.
“Evonik’s colorants business maintains a strong industry reputation by providing its customers with the highest level of performance and quality that are environmentally superior in their makeup. This is a solid business that we understand and believe it will perform well as an independent company benefiting from Arsenal’s resources and expertise. We look forward to supporting and building the business organically and with strategic acquisitions that will further expand its network,” said John Televantos, a Partner at Arsenal and Co-Head of the firm’s Specialty Industrials Group.
"The sale to Arsenal opens up promising development opportunities for this business. We are placing it in good hands and are very pleased with the transaction," comments Dr. Thomas Haeberle of Evonik's Board of Management.
The transaction is expected to be closed in April 2012, subject to the approval of Evonik's Supervisory Board and regulatory approvals.
Evonik, the creative industrial group from Germany, is one of the world leaders
in specialty chemicals. Its activities focus on the key megatrends health, nutrition, resource efficiency and globalization. In 2010 about 80 percent of the Group’s chemicals sales came from activities where it ranks among the market leaders. Evonik benefits specifically from its innovative prowess and integrated technology platforms. Evonik is active in over 100 countries around the world. In fiscal 2010 more than 34,000 employees generated sales of around €13.3 billion and an operating profit (EBITDA) of about €2.4 billion.