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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

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