CITIC Capital Partners Ltd said Aug. 31 that it closed the sale of Polymatech Group to Sekisui Chemical Co Ltd. The deal was previously announced in April. Polymatch makes polymer parts and specializes in polymer material compounding.
(Tokyo, 31 August 2017) CITIC Capital Partners Limited (“CITIC Capital”), the private equity arm of CITIC Capital Holdings Limited, is pleased to announce that it has completed the sale of 100% of the shares of Polymatech Group (“Polymatech” or the “Company”) held by its second Japan buyout fund (a 2011 vintage fund) to Sekisui Chemical Co., Ltd. (“Sekisui”) and Inabata & Co. (“Inabata”). CITIC Capital has previously announced the agreement with Sekisui and Inabata regarding the sales in April.
This will be the 6th exit for CITIC Capital Partners Japan (1), which was founded in 2004.
Polymatech is a leading manufacturer of polymer parts with a specialty in polymer material compounding. Polymatech serves customers in different industries including automotive and consumer electronics. The Company has filed a petition for the commencement of civil rehabilitation proceedings at Tokyo District Court in 2012 due to drastic change in the global mobile industry. On the same year CITIC Capital acted as a sponsor and invested in Polymatech and initiated a number of changes with the management. Together, they set new company visions, devised business strategies that built on the strengths of the Company. To strengthen the foundation and capture further growth potential, Polymatech has implemented a series of operational improvements, including reinforcing management control and cultivating access to the global market. As a result, Polymatech’s performances in terms of sales and profitability improved significantly and the Company is on a promising path to realize further growth.
Sekisui, headquartered in Osaka Japan, is a leading chemical company. Under its high performance plastic business, automobile & transportation sector is positioned as a strategic focus and key growth driver for Sekisui. Lately by leveraging the human resources and knowhow of the electronics sector, Sekisui is able to develop into the car electronic sector. Inabata, headquartered in Osaka, is a leading chemical trading company which has recently been expanding its automotive business. In addition, Inabata is a business partner of Polymatech whom it has been providing highly competitive raw materials to
Under the new ownership structure, the three companies will definitely benefit from tremendous synergies and enhanced value when putting together their unique brands, technologies, customer base and sales network, material procurement capabilities and other managerial resources.