Advent, Apollo and Bain Enter Second Round for Taminco


Advent International, Apollo Global Management and Bain Capital are among those bidding for Belgian chemicals company Taminco, which is owned by CVC Capital Partners. Buyout houses Rhone Capital and Carlyle Group are no longer in the process after their bids were deemed too low, Reuters wrote Thursday.

(Reuters) – A handful of bidders are still in the running to buy Belgian chemicals company Taminco from private equity firm CVC Capital Partners with second bids due in the next month, bankers close to the deal said on Thursday.

Advent International, Apollo Global Management and Bain Capital are among buyout houses set to enter the second round auction phase alongside some trade buyers with chemicals, fibres and plastics manufacturer Eastman thought to be among those interested in the deal, the bankers said.

Buyout houses Rhone Capital and Carlyle Group are no longer in the process after their bids were deemed too low, one of the bankers added.

Goldman Sachs is running the sales process.

As previously reported, if CVC does not achieve a decent price for the asset in volatile economic conditions, it will hold off on a sale and recapitalise the company instead.

CVC tried to list Taminco on the stock exchange in January 2010 but withdrew the IPO after failing to reach an indicated price range of up to 420 million euros ($570.6 million) due to unfavourable market conditions.

In July German rubber chemicals group Lanxess walked away from talks with CVC to buy Taminco after failing to agree a price. Lanxess bid around 1 billion euros.

Ghent-based Taminco, which makes chemical building blocks for crop protection, animal feeds, water treatment and drugs, was spun off from Belgian drugmaker UCB in 2003 and was bought by CVC in 2007 for 800 million euros backed by 679 million euros of debt, according to Thomson Reuters LPC data.

CVC declined to comment.

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