Sun European Partners, LLP (“Sun European Partners” or “Sun”) today announces that one of its affiliates has signed a definitive agreement to sell ELIX Polymers (“ELIX” or “the Company”), a leading manufacturer of ABS (Acrylonitrile-Butadiene-Styrene) resins and derivatives in Europe, to Sinochem International (Overseas) Pte. Ltd. for an enterprise value of €195 million. The proposed transaction is subject to customary regulatory approvals.
ELIX Polymers, headquartered in Tarragona, Spain, is a manufacturer of high quality pre-coloured ABS resins, derivatives and tailor-made specialties used for a wide range of sectors such as healthcare, automotive, consumer and others.
ELIX was acquired by an affiliate of Sun European Partners in 2012. Since its acquisition, Sun has overseen the transformation of the Company from operating as a production-focussed unit of a large chemicals conglomerate into a European standalone market leader with a best-in-class product and service offering. Operational initiatives at ELIX, including the introduction of lean manufacturing and commercial excellence, led to a considerable jump in productivity, record levels of customer satisfaction and strong sales increase, resulting in EBITDA quadrupling during Sun’s ownership.
Lionel de Posson, Managing Director at Sun European Partners, said: “We are delighted with the progress ELIX Polymers has made during Sun’s ownership and we wish them continued success into the future under their new ownership. Spain is an attractive market for Sun and we are actively looking to make further investments in the country.”
Wolfgang Doering, CEO of ELIX Polymers said: “This is an exciting next step for ELIX Polymers as we look to build on the solid platform which Sun has helped us develop under their ownership.”
Sun European Partners was advised by Alantra, Latham & Watkins, KPMG and AT Kearney.