One Equity buys Fimalac unit

The private equity unit of Bank One has agreed to buy the bulk chemical storage division of Fimalac for an undisclosed sum.

(PrivateEquityCentral.net) Chicago-based One Equity Partners agreed to buy bulk chemical storage company LBC from Fimalac.

 

Terms of the deal were not disclosed, although Fimalac said the deal was subject to final agreement on price, completion of due diligence and regulatory clearances.

 

Fimalac, based in Paris, is an international business support services group that focuses on financial and industrial services. In 2001, the company reported sales of more than $1.6bn and an income of approximately $172m. The company employs 6,000 people worldwide.

 

On Monday One Equity completed the sale of rehabilitation supply company AbilityOne Products to publicly traded dental products company Patterson Dental for $575m. In April the firm acquired pharmaceutical trial outsourcing company Quintiles Transnational for $1.7bn.

 

One Equity Partners, the private equity arm of Bank One, manages $3.5bn. The firm is led by Richard Cashin, who was president of Citicorp Venture Capital and launched his own firm, Cashin Capital & Partners. The firm launched a new fund last summer with a target of $2bn. The firm focuses on building companies in a wide range of industries and businesses for long-term strategic growth and value creation. The group operates offices in New York, Chicago, Detroit and Frankfurt, Germany.