Argos Soditic, the buyout firm specialising in mid-market buyouts has acquired Kermel, the technical fibres subsidiary of French specialty chemicals firm Rhodia.
Kermel is the second largest European producer in the market for high performance technical fibres. Kermel manufactures and sells fibres used for fire-protection clothing and various technical applications.
Argos Soditic’s Guy Semmens confirmed that the deal would complete next month, adding that financial terms for the transaction would not be disclosed. The divestment by Rhodia is part of a package of deals that the company hopes will alleviate its corporate debt burden by up to E500m.
Argos Soditic looks to invest between E5m and E50m in European companies with revenues in the range of E20m to E400m irrespective of industry. The company was founded in 1989 and has raised and advised on three private equity funds totalling E310m. In January the firm sold its holding in Eau Ecalarte to Barclays Private Equity for an undisclosed sum.