Perstorp will be transferred from PAI Europe IV fund to a new fund managed by PAI Partners with Landmark Partners as lead investor, alongside other co-investors; PAI Partners will reinvest significantly in the transaction.
In addition to the transfer, Landmark Partners and its co-investors have committed c. EUR 130 million to Perstorp for growth opportunities.
Malmö, Sweden (26 September, 2018): PAI Partners today announces the transfer of their interest in Perstorp, a global leader in specialty chemicals, from PAI Europe IV to a new fund managed by PAI Partners and backed by Landmark Partners and other co-investors. As a part of the deal, the investors of the new fund have agreed to commit c. EUR 130 million for investment activities to further advance Perstorp’s growth strategy. The terms of the transaction were not disclosed.
Perstorp is a world leader in specialty chemicals and for over 135 years, this expertise has been used to pioneer the development of highly innovative products that advance everyday life across the globe. Perstorp employs 1,500 people across manufacturing units in Asia, Europe and North America. In 2017, the Company’s sales amounted to SEK 13.6 billion, and EBITDA excluding non-recurring items increased by 20 percent to record-high SEK 2.1 billion. The positive development continued in 2018, with LTM EBITDA of 30 June, 2018, amounting to SEK 2.3 billion.
Charles Tingue from Landmark Partners, commented: “Perstorp is an outstanding company with strong market positions, solid growth prospects and an excellent management team. This is an exciting opportunity and we are committed to supporting the growth strategy together with PAI Partners and the dedicated management team at Perstorp.”
Fabrice Fouletier at PAI Partners commented: “This transaction represents a new phase of the development of Perstorp, with additional financial means to support its future development. We are excited to remain a shareholder in Perstorp and help the company reach a new stage of its development alongside its management team.”
Jan Secher, President and CEO of Perstorp, commented: “We are delighted that our focus on commercial and operational excellence has delivered strong results, attracting new quality investors. We have progressively enhanced profitability and deleveraging, resulting in the recent upgrade by S&P, and we are now ready to take the next step. We look forward to capturing future growth opportunities to advance our position as a global leader in specialty chemicals.”
Magnus Heimburg, CFO
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John Ekström, VP Investor Relations
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Cecilia Svensson, VP Group Communications & Sustainability
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Perstorp believes in improving everyday life – making it safer, more convenient, more fun and more environmentally sound for millions of people all over the world. As a trusted world industrial leader, our innovations provide essential properties for products used every day at home and work. You’ll find us everywhere from your car and mobile phone to towering wind turbines and the local dairy farm. Simply put, we work to make good products even better.
Perstorp’s focused innovation builds on more than 135 years of experience, representing a complete chain of solutions in organic chemistry, process technology and application development. Manufacturing is based in Asia, Europe and North America, with sales and support in all major markets.
About PAI Partners
PAI Partners is a leading European private equity firm with offices in Paris, London, Luxembourg, Madrid, Milan, Munich, New York and Stockholm. PAI manages €12.3 billion of dedicated buyout funds. Since 1994, the company has completed 68 transactions in 11 countries, representing €50 billion in transaction value. PAI is characterised by its industrial approach to ownership combined with its sector-based organisation. PAI Partners provide the companies they own with the financial and strategic support required to pursue their development and enhance strategic value creation. www.paipartners.com
About Landmark Partners
Landmark Partners specializes in secondary market transactions of private equity, real estate and infrastructure investments, with approximately $25.6 billion of committed capital as of June 30, 2018. Founded in 1989, the firm has one of the longest track records in the industry and is a leading source of liquidity to owners of interests in real estate, real asset, venture, mezzanine and buyout limited partnerships. Landmark has completed over 575 transactions in its 29-year history and acquired over 2,225 partnership interests, managed by over 750 general partners, as of June 30, 2018. Landmark Partners has more than 100 professionals across five offices in Boston, Dallas, London, New York and Simsbury, Connecticut. www.landmarkpartners.com