Global private equity firms Carlyle Group and Advent International have acquired plastics business HT Troplast from Ruetgers. Financial details were not disclosed, but it is reported that Carlyle acquired a 55 percent stake and Advent a 45 percent stake in exchange for a total consideration of around €300 million.
Based in Troisdorf, Germany, HT Troplast is comprised of four business divisions, three of which are included in the deal: Profine, a producer of vinyl profiles for windows, doors, shutter systems and sheets; Trocellen, a supplier of cross-linked polyolefin foam products; and Dynos, a maker of vulcanised fibre for abrasive discs.
In total, the three divisions have 4,300 employees and net sales for 2004 are forecast to be approximately €770 million. They have manufacturing and sales sites in Germany, France, Italy, Spain, Russia, North America, South America and Asia.
Trosifol, which is a producer of PVB films for laminated safety glass, does not form part of the transaction.
“HT Troplast has excellent market positions in a growing industry,” said Gregor Boehm, managing director of Carlyle Group. “We are delighted to be investing in the company with Advent International and to have the chance to add a further market leader to our portfolio.”
In a separate deal, Carlyle Group earlier this week sold portfolio company Tecnoforge, an Italian maker of pipe fittings for the oil and gas industries, to Italian trade buyer Valvitalia for an undisclosed sum.
Tecnoforge was the seventh exit from Carlyle’s €1 billion Carlyle Europe Partners I fund, which is fully invested. Eight companies still remain in the portfolio.