Towerbrook exits Polymer Latex

The buyer, chemical group Yule Catto & Co Plc, will invest €443m in the German latex application provider, and €286m will be used to settle the company's existing net debt. Catto will also take on the existing pension liabilities of €31m.

The merger of Yule Catto and Polymer Latex will enable the companies to expand into the Asian market and provide access to a broad range of manufacturing and research facilities. The additional assets will strengthen Catto's position in the market.

Marl-based Polymer Latex is a manufacturer of latex applications for paper, carpet, moulded foam and speciality products and was founded in 1996. Polymer Latex's underlying sales for the first six months in 2010 were €279.6m and underlying EBITDA was €33.8m. Towerbrook acquired Polymer Latex in 2003 for €235m.

The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.

If you have any information regarding this transaction, please contact Diana Petrowicz on +44 20 7004 7505 or diana.petrowicz@incisivemedia.com

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