AXA Private Equity set to sell Eliokem to Omnova Solutions

Eliokem's central works council is currently being informed and consulted in order to deliver a final decision on the proposed transaction, with a view to complete it by the end of the year.

AXA PE completed the secondary buyout of specialty chemical group Eliokem for €130m in 2006. Since then, it has supported the company in its dual strategy, which is focused both on niche markets with high-margin products in mature countries, as well as on opportunities in growing economies. Notably, Eliokem acquired Apar Industries' Indian Polymer Division for $27.5m in 2008, built a second Chinese manufacturing platform and increased capacity in France with a new unit dedicated to water-based resins.

Eliokem is a Villejust-based specialty chemical company which manufactures coating, reinforcing and toner resins, antioxidants, rheological polymers, elastomeric modifiers and latex, among others. It employs 630 people across its five facilities in France, the US, India and China. Eliokem posted a €194m turnover for 2009, up from €148m at the time of AXA PE's investment.

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 Grégoire Gille on +44 20 7484 9824 or gregoire.gille@incisivemedia.com

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