Chequers sells Cordenka to new Chinese fund

BMC Europe Fund I is an independent private equity fund established in early 2018 with $480m, in partnership with Shanghai International Group, the sovereign wealth fund of Shanghai. The fund aims to invest in European companies with significant potential in China.

The venture is a partnership between three former investment banking professionals from Credit Suisse: Xinya Vivian Wang in Shanghai, and Sebastian Grigg and Jialu Vicky Wang in London. The fund has joint headquarters in Shanghai and London.

BMC was supported in the acquisition by a group of Shanghai institutions, including Shanghai Electric, Shanghai MG Investment, ABA Chemicals, Bank of Shanghai and ABC International (a subsidiary of Agricultural Bank of China). Acquisition debt was provided by Goldman Sachs and Barings.

Chequers acquired Cordenka from private equity house CVC, chemical producer Akzo Nobel and Acordis Management in 2011. It was reported at the time that a group of lenders including Commerzbank, ING, UniCredit and NIBC jointly provided around €100m in leverage to support the buyout. The company also underwent a refinancing in 2016.

Company
Cordenka is a producer of industrial rayon used for tyres, hoses and composites. It supplies tyre manufacturers serving car brands like Aston Martin, Audi, BMW, Chevrolet, Mercedes, Tesla and Volvo. Cordenka has 650 employees and is headquartered in Obernburg, Germany.

Unquote sister publication Mergermarket reported earlier this year that the company expected almost €33m in EBITDA for 2017, with 2016 revenues of €165.9m.

People
BMC – Xinya Vivian Wang, Sebastian Grigg (partners).

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