Bain Capital Agrees to Buy Dutch Firm IMCD

Buyout shop Bain Capital will buy Rotterdam-based chemical distributor IMCD, Reuters reported. The deal values the Dutch company 650 million euros ($857.5 million), Reuters said. Bain was reportedly in the second round of bidding for IMCD. Other bidders, including New Mountain Capital and Cinven, dropped out of the running. IMCD is owned by AAC Capital, the former private equity arm of ABN Amro, Reuters said.

(Reuters) – Private equity firm Bain Capital has agreed to buy Dutch chemicals firm IMCD in a deal valuing the business at close to 650 million euros ($857.5 million), people familiar with the situation said.

The U.S. buyouts group was in the second round of bidding for the Rotterdam-based chemical distributor, which generates nearly 1 billion euros of annual sales.

Rivals New Mountain Capital and Cinven [CINV.UL] dropped out of the process leaving Bain clear to agree a deal over the weekend, ahead of a second round bid deadline on Monday, one of the people said.

The private equity firms tabled initial bids of between 600 and 700 million euros for the business owned by AAC Capital, the former private equity arm of ABN Amro, since 2005, a person previously told Reuters.

Bain and AAC Capital declined to comment.

(Editing by Steve Slater)