February 28, 2008
BDA advises Apar
Industries on closing sale of its Polymer
Division to Eliokem
Business
Development Asia LLC ("BDA")
is pleased to announce that the transaction
with Apar Industries Ltd ("Apar"),
a diversified, publicly traded, Indian
industrial group, and the France-based
Eliokem International, an AXA Private
Equity portfolio company which makes specialty
chemicals, for the sale of Apar’s
polymer business located in Valia (India)
has closed. The agreement between the
two parties was reached in November 2007.
The polymer division of
Apar markets various rubber chemicals
under the brand names Aparene® and
Powerene®. Eliokem has paid INR 1.11bn
(US$28m) to acquire the assets of Apar’s
polymer division. The transaction closed
on 15th February 2008. BDA acted as exclusive
financial advisor to Apar Industries on
this transaction.
About Apar Industries
Apar Industries Ltd ("Apar")
is a diversified Indian industrial corporation
with interests in aluminum conductors
(accounting for 45% of sales), specialty
oils (accounting of 45% of sales) and
polymers (accounting for 10% of sales).
It is one of the largest manufacturers
of specialty oils and aluminum conductors
in India. Apar Industries is publicly
traded on the Bombay Stock Exchange and
the National Stock Exchange of India,
with an annual consolidated turnover of
INR 15bn (US$350m) in FY2006-07.
About Eliokem
Eliokem, formed in 2001 as a result of
the spin-off of the specialty chemicals
business of The Goodyear Tire & Rubber
Company, is a leading specialty chemical
group with headquarters in Villejust near
Paris (France). The group employs more
than 460 people around the world and owns
3 production facilities located at Le
Havre (France), Akron (Ohio, USA) and
Ningbo (China), as well as 6 representative
offices in Europe, Asia and the Americas,
and a network of 75 distributors and agents
strategically located around the world.
The company’s turnover reached €164m
(US$220m) in 2006.
About BDA
Business Development Asia LLC was founded
in 1996. BDA assists multinational corporate
and financial sector clients to identify
and execute acquisitions, divestments,
JVs, restructuring and capital raising,
in Asia and internationally. The company
is headquartered in New York with offices
in London, Bahrain, Mumbai, Hong Kong,
Shanghai, Seoul, and Tokyo. BDA employs
55 full-time professional staff across
its eight offices, supplemented by a team
of senior advisors around the world. BDA’s
client list includes Air Products, Cadbury
Schweppes, Celestica, DIC, DuPont, Ecolab,
Global Power, Godrej, Great Lakes, Hanjin
Shipping, Hercules, Huntsman, Inabata,
Kimberly-Clark, Lear, Lubrizol, Mars,
Molex, Morgan Stanley, Nalco, Reuters,
Rohm & Haas, Ryder, Siemens, SigmaKalon,
Sumitomo Chemical, Sun Chemical, TATA
Auto Components, Tenneco, Tredegar, Visteon,
WR Grace, and the British Government.
Further information on BDA is available
at www.bdallc.com.
BDA Transaction Team
Andrew Huntley, Senior Managing Director,
London, ahuntley@bdallc.com
Rohit Singh, Managing Director, Head of
Mumbai office, rsingh@bdallc.com
Arun Bagchi, Assistant Director, Mumbai,
abagchi@bdallc.com
Diwakar Mitr, Associate, Mumbai, dmitr@bdallc.com
For more information
regarding this transaction, please contact
Rohit Singh in Mumbai on (91) 22 2643
0290 or Andrew Huntley in London on (44)
20 7655 3500.
