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Advent to sell Allnex at €4bn EV, 12.2x EBITDA after eight-year hold

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Global buyout house Advent International has agreed to sell coating resins supplier Allnex to PRRGC International at an enterprise value of €4bn, equivalent to 12.2x the company’s EBITDA.

Advent completed the acquisition of the coating resins arm of Cytec Industries for $1.15bn in 2013 before reestablishing it as Allnex. The firm put in more than €1.5bn of investment during the eight years of holding and made several acquisitions. Advent said it doubled the number of employees for the company and strengthened its access to emerging markets.

 

Allnex is an industrial coating resins manufacturer with about €2bn in revenue and around 4,000 employees worldwide.

Ronald Ayles, managing partner and head of Advent’s global chemicals and materials practice, said, “Over the past eight years, we have supported Allnex’s management team in transforming the company from a corporate carve-out into the number one global producer of industrial coating resins.

“Our significant investment in growth lead to an impressive track record – especially in green technologies. With PTTGC, we have now found the ideal partner to support Allnex’s next phase of growth and to continue its success story.”

Advent closed its ninth flagship fund GPE IX on its hard cap of $17.5bn in June 2019, surpassing its $16bn target after six months in the market. Its predecessor fund GPE VIII was closed on $13bn in 2016.

It then followed the raise by closing a global technology fund on its $2bn hard cap in September 2019 and another $2bn close for its seventh Latin America-focused fund in 2020.


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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/advent-to-sell-allnex-at-e4bn-ev-12-2x-ebitda-after-eight-year-hold.html

Private Equity

Democrat Lawmaker Oblivious as China Buys Up US Farmland, Sets Stage for Foreign Monopoly on Our Own Food Production

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Private Equity

BBH follows $1.2bn fund close with Gifted Healthcare buyout to capitalise on nurse shortages

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BBH Capital Partners, the private equity arm of Brown Brothers Harriman, has completed an investment in nurse staffing companies Gifted Healthcare to capitalize on the shortage of nurses in the industry. 

 The deal followed the firm’s $1.215m final close of its sixth flagship fundraise in May.

 

Founded by registered nurses, Gifted supplies critical care registered nurses and licensed vocational nurses to healthcare providers on per diem, short term, or extended term basis.

Brad Langer, Managing Director of BBH and Co-Manager of BBHCP, said, “BBHCP is excited to partner with Gifted‘s talented, deep, and experienced management team. Transitioning CEO, P.K. Scheerle, RN, who will remain on the board, and the exceptional leadership team, have built a strong, innovative platform in the nurse staffing sector as the role of the nurse has become increasingly important in the healthcare industry.

As the growing shortage of nurses continues to create a great opportunity for best-in-class, clinically focused outsourced providers like Gifted, BBHCP is committed to supporting the GIFTED team through their next phase of growth.”

BBH raised $250m for a lower-mid-market Opportunities Fund three years ago, to complement its flagship fund investment strategy.

The firm uses that vehicle to target US companies whose development stage or capital needs are below the minimum investment thresholds for its main fund.

BBH’s fifth flagship fund was closed on $802m in 2016.

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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/bbh-follows-1-2bn-fund-close-with-gifted-healthcare-buyout-to-capitalise-on-nurse-shortages.html

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Private Equity

KKR said to enter scrum for rugby union World Cup commercial rights

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Buyout giant KKR is reportedly the latest investor in talks with World Rugby for a potential investment in the commercia

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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/kkr-said-to-enter-scrum-for-rugby-union-world-cup-commercial-rights.html

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Private Equity

Index Ventures hauls in hefty $2.9bn across two new funds, raises $200m for debut seed vehicle

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Index Ventures has raised a massive $2.9bn across its latest heavyweight venture capital funds, as well as another $200m

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Source: https://www.altassets.net/private-equity-news/by-pe-sector/venturegrowth/index-ventures-hauls-in-hefty-2-9bn-across-two-new-funds-raises-200m-for-debut-seed-vehicle.html

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