BDA advises AXA Private Equity on sale of Eliokem to Omnova Solutions
Omnova Solutions (NYSE: OMN) completed its previously announced acquisition of Eliokem from AXA Private Equity. BDA acted as exclusive financial advisor to AXA Private Equity on the transaction.
AXA Private Equity is a leading European diversified private equity fund with US$25bn assets under management. Eliokem, acquired by AXA Private Equity in 2006, is a global specialty chemicals company, based in France. The buyer, Omnova Solutions, is a global provider of emulsion polymers, specialty chemicals and decorative and functional surfaces. The transaction was valued at EUR227.5m (US$300m).
"This combination creates a significantly enhanced, more diversified Performance Chemicals business that is well positioned to serve customers on a global basis," said Kevin McMullen, Chairman and Chief Executive Officer of Omnova Solutions. "It contributes to all three of our Company's strategic objectives by providing entry into several new higher growth markets, expanding our portfolio of value-added technology solutions and significantly broadening our global manufacturing footprint. Additionally, synergies are expected to provide savings in manufacturing, logistics, purchasing and SG&A by leveraging the resources of an integrated global team."
"Together, with our Decorative Products functional surfaces business, Omnova Solutions will be a US$1.1bn company, based on last twelve months sales through August," McMullen said. "Over 40% of those sales will be outside the US."
BDA Deal Team:
Andrew Huntley, Senior Managing Director
Euan Rellie, Senior Managing Director
Shariq Siddiqui, Senior Associate
Christophe Walewski, Associate
About AXA Private Equity
AXA Private Equity is a leading private equity firm with US$25bn in managed assets and a global reach extending across Europe, North America and Asia. The firm offers investors the full spectrum of private equity services for every market segment: direct funds, infrastructure financing, mid cap and small cap buyouts, venture capital, co-investments, fund of funds as well as mezzanine financing. With offices in Paris, Frankfurt, London, New York, Singapore, Milan, Zurich and Vienna, AXA Private Equity supports the development and long-term growth of its portfolio companies with sustainable growth strategies and by granting them access to the AXA international network. AXA Private Equity has earned the trust of its investors by regularly supplying them with transparent performance data on its funds and portfolio companies. For further information about AXA Private Equity, please visit: www.axaprivateequity.com
About Eliokem
Eliokem is a global specialty chemicals company which supplies its industry leading products to a diverse range of end markets and applications, such as decorative paints and coatings, oilfield chemicals, cementing, rubber, plastics, automotive, textiles and toners. Eliokem is headquartered in the outskirts of Paris and has a worldwide manufacturing footprint on three continents, with five facilities located in France (Le Havre), the US (Akron), India (Valia), and China (Ningbo and Caojing). In total, Eliokem employs around 630 people across its plants, sales and technical offices located worldwide. For further information about Eliokem, please visit: www.eliokem.com
Business Development Asia LLC (“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 60 full-time professional staff across its eight offices, supplemented by a team of senior advisors around the world. BDA's clients include Areva, AXA Private Equity, Celestica, Clariant, DIC, Ecolab, Hercules, Kennametal, Molex, Nalco, Pfizer, Rexel, Reuters, Ryder, SigmaKalon, Sun Chemical, Tredegar, WestLB, and the British Government. Further information on BDA is available at www.bdallc.com
For more information regarding this transaction, please contact Andrew Huntley in London on (44) 20 7182 4514 or Euan Rellie in New York on (1) 212 265 5300
