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TorQuest realises investment in Pinova

The Canadian PE firm will sell Pinova to Symrise for $417 million.

TorQuest Partners is selling Pinova Holdings, a developer of speciality chemicals from renewable resources, to Symrise for $417 million in a deal that is expected to close in early 2016, the firm said.

The middle market firm originally acquired Pinova from Ashland in January 2010 through TorQuest Partners Fund Fund II, a source with knowledge of the situation told Private Equity International. The investment was split between $60 million cash and $15 million note. The fund purchased the business, which had about 200 employees, and a manufacturing facility in the US state of Georgia.

TorQuest’s Fund II is a 2006 vintage with C$550 million ($415 million; €370.5 million) of committed capital, according to the firm’s website.

It is invested across eight portfolio companies and has done 29 add-on acquisitions, with remaining equity capital to actively seek more add-ons, the firm’s website said.

Investors in the fund include Finnish Local Government Pensions Institution (KEVA), which committed €5.3 million to the fund, according to PEI’s Research & Analytics division.

Fund II’s successor, Fund III, is a 2013 vintage vehicle with C$535 million ($404 million; €360.4 million) in committed capital. It is currently looking for investment opportunities primarily in the Canadian mid-market, TorQuest’s website said.

TorQuest invests between $15 million and $100 million in North American manufacturing, business and financial services, and food and consumer sectors, according to PEI’s Research & Analytics division. It manages $1 billion in assets, the firm said.