Vision in $188m Brazilian exit

The firm purchased aluminium and plastic films producer Terphane in 2010 through its seventh fund, which raised €680m in 2009.

Vision Capital has agreed to sell aluminium and plastic films producer Terphane to the Tredegar Corporation for $188 million, the firm announced in a statement. It’s unclear what kind of return Vision made on the sale.

Terphane, which operates in North America and Brazil, was Vision’s first acquisition through its seventh fund, which raised €680 million in 2009. Vision purchased Terphane for $124 million including debt in the acquired companies, according to a statement from law firm Paul, Weiss, Rifkind, Wharton & Garrison.

Vision could not be reached for comment at press time.

Vision specialises in acquiring groups of companies from other private equity firms through a strategy that could be described as “buying the good, bad and ugly assets” left in the “tail-end” of a fund; a view chief executive officer Julian Mash referred to as “a little simplistic” in an exclusive interview in the September issue of Private Equity International.

In June, Vision purchased a portfolio of investments from Italy-based Banco Popolare for €365 million, just weeks after purchasing a portfolio of three industrial German and Swiss companies from Paragon Partners.

Vision has marketed seven funds since 1997, raising more than €1.8 billion. The firm has invested in 10 portfolios with an underlying enterprise value of more than €2.7 billion, according to its website.