Black Diamond Capital Management said Wednesday that it has acquired TFL. No financial terms were disclosed. TFL is a provider of specialty chemical solutions for the leather industry.
GREENWICH, Conn., Sept. 11, 2013 /PRNewswire/ — Black Diamond Capital Management, L.L.C. (“Black Diamond”) today announced its acquisition of TFL, the global market leader offering specialty chemicals for the leather industry.
TFL is the only company providing a full range of solutions to its customers covering every step of the leather production process. The company is known for its cutting-edge innovations and for working with customers to bring to market new solutions to challenges they face as well as for partnering with them to create entirely new leather products.
“This transaction allows us to move forward seamlessly to continue to offer our customers first-rate products, solutions and technical support, while at the same time providing us with the opportunity to become the preferred supplier,” noted Eugen Katzenstein, Co-CEO of TFL. “It also allows us to continue to bring to market new ideas and innovative concepts with our extensive sales force, supported by our application centers for beamhouse, wet-end and finishing chemicals.”
“Furthermore, this transaction supports our vision of being an innovator, allowing us to continue to undertake our own research in the field and to bring to market new products such as the recently launched patent-protected products designed to help our clients gain more yield out of their production,” added Peter Amann, TFL’s Co-CEO. “It is TFL’s aim to continuously evaluate additional fields of application and bring challenging ideas into the market.”
Based in Weil am Rhein, Germany, TFL has approximately 950 employees operating in subsidiaries across three continents as well as production facilities in Argentina, Brazil, China, France, India and Italy.
“This transaction significantly strengthens TFL’s balance sheet as the company now has virtually no debt,” said Les Meier, Principal at Black Diamond. “TFL creates customer loyalty with new ideas and innovative concepts and we are excited to be able to work with the current management to continue this path and further grow TFL’s customer and product base.”
About Black Diamond
Black Diamond Capital Management, LLC, is a privately held alternative asset management firm. Black Diamond manages approximately $9 billion in assets across the company’s four lines of businesses: Control Distressed/Private Equity, Hedge Funds, European Debt Funds and CLO’s and other structured vehicles.
TFL is a global operating company offering specialty chemicals for the leather industry. It is the only company of its size exclusively focused on solutions for leather manufacturing.