Verdugt, the Dutch organic salt maker, has agreed to be taken over by CVC Capital Partners, the pan-European private equity house. Financial terms of the deal were not disclosed.
CVC was part of a consortium that acquired Verdugt in February 1999. It has agreed to buy out the other consortium members. New York-based private equity firm Castle Harlan held the largest stake (34.3 percent), while the other investors were Wachovia Capital Partners (28.3 percent), US Salt Holdings (16.7 percent), CVC (15 percent) and Demetree Investment Group (5.7 percent).
Founded in 1851, Tiel-based Verdugt makes organic salts and organic acid blends which are distributed through four divisions: Agricultural Products, Fine Chemicals, Clearway de-icers for airport runways, and Verdugt Organic Acids (VOA). The firm supplies a wide range of markets, including pharmaceuticals, animal feed and food industries. It has leading market positions in more than 100 countries around the world and operates from two manufacturing bases in Tiel and Barcelona, Spain.
Verdugt delivered revenues of €85.1 million ($109 million) for the year ended December 31 2003 and EBITDA of €18.3 million.
ING Bank is providing debt facilities for the transaction.