Advent International sells Mondo Minerals to trade

Mondo's enterprise value of $600m on a cash-free and debt-free basis equates to an EBITDA multiple of around 13.1x. 

The acquisition, the existing debt of Elementis and Mondo (which is to be refinanced) and future funding for the enlarged group are all expected to be financed by a rights issue raising $280m, as well as new committed debt facilities of $775m.

Elementis is a UK-listed speciality chemicals company with operations worldwide, employing 1,300 people. 

Previous funding
Hg acquired Mondo in December 2007 for around €330m when it span out from Omya.

Advent then acquired Mondo in a secondary buyout in 2011, drawing equity from Advent Global Private Equity VI. The total value of the deal was believed to be between €350-400m, with debt and mezzanine representing some €205m of the total.

A senior debt package was arranged by BNP Paribas, IKB Deutsche Industriebank and RBC Capital Markets. A mezzanine facility was provided by Ares Capital Management Europe.

Company
Founded in 1967, Mondo is a producer of talc products designed to add value to industrial applications such as paints and plastics. They also have a range of applications within life sciences.

Mondo generated revenues of €122m and €31m in EBITDA in 2017.

The business employs around 230 people. Headquartered in Amsterdam, Mondo operates mines in Finland and has facilities in China.

People
Advent International – Michael Ogrinz (managing director).
Mondo Minerals – Christian Kather (CEO).
Elementis – Lynn Paul Waterman (CEO).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Benelux
• Industrials
• Netherlands
• Advent International
• Trade sale