Second deal for Bain Capital

The US private equity firm has made its second carve-out acquisition in three days with the E200m purchase of Trespaphan from Celanese.

Bain Capital, the US buyout and carve-out specialist, has made its second acquisition in three days, teaming up with Italian chemicals business Dor-Moplefan to buy Trespaphan, the polypropylene business of German chemicals company Celanese.

 

In 2001, Trespaphan generated sales of E281m as part of Celanese's Performance Products division. The business has 1,400 employees at four production sites in Germany, France, South Africa and Mexico. OPP films are primarily used in food and cigarette packaging, labelling and capacitors.

 

The sale is the latest in a series of industrial firms undertaking disposals in order to focus on their core operations, giving financial buyers such as Bain the opportunity to invest large funds raised for European investments in the last two to three years. On Tuesday, Bain completed the largest deal to come from its European buyout fund with the acquisition of SigmaKalon, the decorative paints business of TotalFinaElf, in a deal thought to be worth around E1bn.

 

Bain Capital has yet to comment on whether the acquisition of Trespaphan is linked to its interest in the three chemicals units being sold by French specialty chemicals business Rhodia in a deal thought to be worth around E140m.

 

Bain will take a 49 per cent stake in Trespaphan, with Dor acquiring the remainder. JP Morgan and Bear Stearns have provided financing for the transaction.