Sun European Partners sells Elix Polymers for €195m

Unquote understands that the company's equity value is €144m.

Sun European Partners acquired Elix in January 2012 from Germany-based global styrenics supplier Styrolution Group in an all-equity transaction. Styrolution was keen to exit the company following pressure from the European Commission, which agreed to approve the formation of Styrolution as a 50:50 joint-venture between chemical companies BASF and Ineos upon its divestment of Elix.

Under Sun's ownership, the company achieved a significant increase in productivity and sales through operational improvements and quadrupled its annual EBITDA, according to a statement.

The Elix exit follows Sun's recent sale of UK-based golf equipment and apparel retailer American Golf, bought by special situations investor Endless just after it entered administration.

Company
Founded in 1975 and headquartered in Tarragona, Elix is a manufacturer of pre-coloured ABS (Acrylonitrile-Butadiene-Styrene) thermoplastic resins and derivatives used in the manufacture of high-end consumer goods, electronics, medical devices and automotive dash-boards. The company has a customer base of around 300 clients in 40 countries worldwide, with a notable presence in Europe and the Mediterranean. 

People
Sun European Partners – Lionel de Posson (managing director).
Elix Polymers – Wolfgang Doering (CEO).

Advisers
Equity – Alantra (corporate finance); KPMG (financial due diligence); Latham & Watkins (legal); AT Kearney (commercial due diligence).

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