Chequers weighs sale of textile chemicals maker Bozzetto

Ryan Gould , Valentina Caiazzo and Micaela Osella
22 April 2022

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Chequers Capital is exploring a sale of Italian textile chemicals producer Bozzetto Group, sources familiar with the matter said.

The Paris-headquartered buyout group has appointed Lazard to prepare an auction for Bozzetto, which is expected to kick off in the second half of this year, according to the sources. A small group of investment banks were invited to pitch for the sale mandate as part of a beauty parade held recently, they added.

Chequers, which acquired the company from Synergo for approximately EUR 78m in 2017, will market Filago, Italy-based Bozzetto off approximately EUR 28m-EUR 30m EBITDA, two of the sources said.

A provider of polymers and resins for application in the textile, construction, agrochemical and personal care industries, Bozzetto has margins of roughly 13%, one of the sources said.

The same source said Bozzetto is expected to attract interest from other private equity firms and sponsor-backed industry players.

Chequers' move to pursue a sale of Bozzetto comes as US specialty chemicals group Huntsman is preparing to divest its Textile Effects division. Huntsman's business has attracted the interest of SK Capital-backed textile chemicals maker Archroma, Mergermarket reported last month.

Specialty chemicals has become a bright spot for M&A in recent years, with more than USD 54bn doled out across 290 targets since the beginning of 2021, according to Dealogic data.

Representatives for Chequers, Bozzetto and Lazard did not respond to requests for comment.