Afinum sells Pinova to trade

The merger with CPS Color is expected to strengthen Pinova's market position and expand the global reach and sales of its products.

CPS Color sourced the deal via an auction run by Zetra International AG and Millington Advisory Partners Ltd.

The investment was made from the €230m AFINUM Fünfte Beteiligungsgesellschaft mbH & Co. KG fund.

Debt
Finance was provided by a Scandinavian banking consortium led by Nordea.

Previous funding
In 2007, Afinum acquired Pinova in a buyout from private owners for an undisclosed amount thought to be between €25m and €50m. Zuercher Kantonalbank and Credit Suisse provided a senior debt structure for the deal.

Company
Lengnau-based Pinova AG is a manufacturer of colorants and tinting systems. Its products are used for decorative coatings, architectural paints and plasters, as well as for industrial and wood paints and lacquers. Founded in 1984, the company operates under the brand Novapint. Pinova generates sales of approximately €18m and currently employs 30 members of staff.

People
Afinum was represented by Philipp Schülin and Thomas Bühler.

Advisers
Vendor - Zetra International, Frédéric de Boer, John Lee, Stefan Bruni (Corporate finance); Millington Advisory Partners, Rod Cantrill, Matthew Taylor (Corporate finance); Vischer, Juerg Luginbuehl, Reto Maeder (Legal); Primetax, Reto Arnold (Tax); Ostschweizerische Treuhand Zurich, Reto Schmidhauser (Financial due diligence); AMR International, Frankfurt, Oliver Runkel, Nestor Rodriguez (Commercial due diligence).
Buyer - Access Partners, Antti Karlqvist (Corporate finance); Kellerhals, Bernhard Berger, Kathrin Enderli (Legal); KPMG (Financial & tax due diligence).

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