(PrivateEquityCentral.net) London- and New York-based private equity firm Rhone Capital has agreed to acquire the specialty chemical division of the company formed by an alliance between Alcoa and Alumina Limited.
Terms of the deal were not disclosed, according to a press release.
The specialty chemical division makes chemical products used in a variety of end markets, including steel production, cement production, ceramics, plastics and electronics. The division has 811 employees and annual revenues of approximately $360m. The division has operating facilities in six countries around the world.
The investment will come from Rhone Capital’s second fund as well as some co-investors.
Alcoa is the world’s leading producer of aluminium and aluminium-based materials. The company serves a wide variety of industries, including aerospace, construction and commercial transportation. The company also markets Reynolds Wrap aluminium foil.
Rhone Capital was founded in 1997 and specializes in middle market buyouts and recapitalisations. The firm focuses on European and trans-Atlantic investments. Other portfolio companies include automotive parts supplier American Remanufacturers, chemical processing equipment company De Dietrich and Fraikin Groupe, the largest truck-leasing company in France.