NIB in E115m Belgian chemicals MBO

NIB Capital Private Equity has announced the purchase of specialty chemicals assets from UCB, a Belgian pharmaceuticals and chemicals business.

( NIB Capital Private Equity, the private equity arm of Dutch pension funds ABP and PGGM, has announced it is to acquire the global methylamines and derivatives business of UCB, a Belgian-listed pharmaceutical and specialty chemicals company, for E115m.

The transaction is expected to close at the end of September when the business will be renamed Taminco. The current management team, who will take a stake in Taminco, will continue to lead the company.

According to a statement, the future strategy of Taminco is aimed at expanding its operations worldwide.“We could make good use of our knowledge of this chemicals niche in this transaction, which in terms of size and activity, fits perfectly in our buyout portfolio,” Volkert Doeksen, managing partner and chief executive officer of NIB Capital, said in the statement.

Taminco produces methylamines for use in industries such as agrochemicals, animal feed additives, specialised solvents, water treatment and surfactants. The company is headquartered in Ghent, with 15 sales offices world wide, and has operations in Belgium, Germany and China. The company employs approximately 500 people and generated a turnover of E186m in 2002.

NIB Capital Private Equity is one of the largest private equity investors in the world, with E14.1bn under management. The firm invests directly in companies in the Benelux and Germany as lead investor, and elsewhere in Europe and the US as co-investor.

NIB Capital invests approximately 80 per cent of its capital in other private equity funds, either directly or through secondary transactions. The firm also manages a mezzanine fund in the US. NIB Capital has approximately 60 investment professionals based in Amsterdam, Antwerp, Frankfurt and New York.

The firm is funded by its two founding shareholders ABP and PGGM, two of the largest pension funds in the world, with assets under management of E135.5 bn and E45.3bn, respectively.

In April, NIB Capital acquired the payroll services unit of Dutch support services group Getronics in a E315m management buyout. In February, NIB led a group of ten investors backing the management buyout of MidOcean Partners, the late stage private equity portfolio managed by DB Capital Partners on behalf of Deutsche Bank in a E1.5bn transaction.