Advent exits Oxea in trade sale

OOC aims to strengthen its international position as chemical producer through the acquisition of Oxea.

The private equity house bought Oxea for an estimated €480m in 2007. A senior debt package for the transaction was arranged by UBS and Commerzbank.

Company
Oxea was created when Advent acquired and merged two subsidaries of Celanese and Degussa (now called Evonik) six years ago.The firm runs its operations under the names of Oxo Intermediates and Oxo Derivatives.

Oxea manufactures Oxo chemicals, producing more than 70 different products. The firm develops a range of alcohols, aldehydes and esters, which can be used in applications including coatings, paints, lubricants and inks.

The firm employs 1,406 staff across Europe, the Americas as well as Asia. Oxea is based in Oberhausen, Germany. In 2012, the firm reported revenues of €1.5bn.

People
Nasser bin Khamis Al Jashmi is chairman of OOC. Ronald Ayles is managing director of Advent and the GP's head of chemical investments. Reinhard Gradl joined the Oxo Group as executive chairman as part of the takeover in 2007.

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• Topics
• DACH
• Industrials
• Exits
• Germany
• Advent International
• Trade sale