European PE Firm Pays $52 Million for Clyde Process Solutions

UK-based Clyde Process Solutions agreed to be acquired by European private equity firm IK Investment Partners for 33.3 million pounds ($51.8 million), Reuters reported. The cash offer represents a 13.8% premium over the company’s closing price Tuesday, Reuters said. Clyde Process Solutions produces technology to process raw materials used in the production of commodities such as metals, cement, chemicals and ethanol.

(Reuters) – UK’s Clyde Process Solutions Plc said it agreed to be acquired by a European private equity firm for 33.3 million pounds ($51.8 million), sending the material handling systems provider’s shares up 12 percent.

The 82.5-pence-per-share recommended cash offer, which is at a 13.8 percent premium to Clyde’s Tuesday close, has been made by Schenck Process, an investment vehicle of certain funds advised by IK Investment Partners.

Clyde said its board was unanimously recommending the acquisition by Schenck Process, which had the support of 54 percent of Clyde’s shareholders.

Greenhill is acting as the sole financial adviser to Schenck Process, while Cairn Financial Advisers and PricewaterhouseCoopers are acting as financial advisers to Clyde.

Clyde’s shares, which have risen by a quarter of their value over the past year, were up 11.7 percent at 81 pence at 0912 GMT on the London Stock Exchange. ($1=.6423 Pound)

(Reporting by Tresa Sherin Morera in Bangalore; Editing by Prem Udayabhanu)