Advent International is selling Vinnolit Holdings, a European producer of specialty PVC to Westlake Chemical Corporation for €490 million.
Texas-based Westlake said in a presentation that the transaction multiple was 6x Vinnolit’s 2013 EBITDA, and is expected to close in the third quarter of this year subject to regulatory approvals.
“The acquisition of Vinnolit is an excellent strategic fit for Westlake. It will allow us to expand our chlorvinyl business globally and adds important specialty PVC products and technology to our existing portfolio,” Albert Chao, Westlake’s President and CEO said in a statement.
Advent acquired Vinnolit in 2000, and grew its revenue from €542 million in 2001 to €917 million in 2013. Vinnolit made a number of acquisitions during Advent’s holding period including INEOS Paste PVC business, which increased its production capacity.
Advent had $32 billion of assets under management as of 31 December 2013. As PEI reported last month, Advent posted a record year in 2013, of $7.8 billion in proceeds through 22 full and partial exits.