Advent sells Allnex to PTTGC International

The enterprise value equates to around 12.2x the company's 12-month EBITDA to March 2021.

Advent acquired Cytec Industries' coating resins business in 2013 through a USD 1.15bn carve-out. It then set it up as an independent company named Allnex and made several acquisitions. These notably included resins manufacturer Nuplex in 2016.

The GP also said that Allnex invested in growth, and more than doubled its numbers of employees, production sites, R&D centres, and customers over the holding period. Overall, Advent's investment in growth totalled more than EUR 1.5bn, the GP said.

Advent put its plans to exit the industrial coating resins manufacturer on the back burner when the coronavirus crisis hit in March 2020, Mergermarket reported at the time. Advent denied the sale process when the report came out, adding no investment banks had been mandated and no teasers had been sent out at that point.

Company
Allnex is a producer of industrial coating resins, offering a broad range of coating polymers and additives, including powder resins, industrial waterborne resins, energy curable resins, crosslinking resins and additives for use on all types of substrates, such as wood, metal and plastic.

With around €2bn in revenues and around 4,000 employees worldwide, Allnex manages a global production network of 33 manufacturing sites and 23 research and technology facilities.

People
Advent International – Ronald Ayles (managing partner).

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

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