Acomon (Switzerland) - Oct 2007

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01 October 2007

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Cape Natixis Due, the €195m fund managed by Cape Natixis has closed its first deal. The acquisition of optical monomer manufacturer Acomon was made in partnership with German fund Auctus Management. The deal, with an enterprise value of around $20-27m, saw Cape buy a 35% stake, a 65% stake being taken by Auctus. The transaction was leveraged by a Unicredit-underwritten package, which comprised senior debt and a small working capital line. It is understood that the facility represents around 70% of the deal. Acomon is the name of the newco that took over the optical monomer division of US-based chemical manufacturing conglomerate Chemtura Corporation. The deal was originated by Auctus and when the fund secured an exclusivity agreement last May, it sought an Italian partner to coinvest. Cape was then introduced by an LP in common for both funds. According to the investors, the partnership with the Milan-based GPs ensured thorough technical and legal due diligence processes.

Company

Acomon was formed in 2007. Although the newco is based in Zug, Switzerland, the majority of the company’s 40 employees work in its Italian manufacturing facility located in Ravenna, Italy. The company has also an additional manufacturing facility in Pasadena, Texas (US).

Advisers

Company - Key Bank, (Corporate Finance)Equity - Hogan & Hartson, (Legal)Equity - JB Consulting, (Other Due Diligence)Equity - KPMG, (Accounting)Equity - MBL & Partners, (Legal)Equity - Ruggieri Consulting, (Environmental Due Diligence)Equity - Ruggieri Consulting, (Technical/IT AdviceUnspecified)Equity - Studio Tremonti Rome, (Other Due Diligence)