TowerBrook Capital Partners Seeks Exit from PolymerLatex

摘要

The private equity firm TowerBrook Capital Partners (London) is seeking a buyer for PolymerLatex (Marl, Germany). TowerBrook has been the owner of PolymerLatex, Europe's second largest latex producer, for seven years, a longer than average term for a private equity firm to seek an exit strategy. PolymerLatex, formerly a joint venture between Bayer and Degussa, now renamed Evonik Industries, reported sales of ?387 million ($475.7 million) in 2009. It employs about 600 people. TowerBrook bought the company for ?235 million in 2003. Stefan Brandt, managing director of PolymerLatex has confirmed to CW that TowerBrook is "considering a disposal of PolymerLatex." TowerBrook, advised by Morgan Stanley, is evaluating various options for PolymerLatex, including seeking new loans to recapitalize the company. Sources describe the present process as "pre-marketing", to gauge interest in PolymerLatex.