Sun European Partners acquires Elix

Sun bought the company from global styrenics supplier Styrolution Group GmbH 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.

The private equity firm was drawn to the acquisition due to its experience in the chemicals industry. Sun Capital counts other chemicals firms among its portfolio companies, including Emerald Performance Materials and Sonneborn.

The transaction is conditional upon merger clearance and final approval from the European Commission. Closing is expected in the first half of 2012.

Company
Based in Tarragona, Spain, Elix Polymers has more than 35 years' experience in pre-coloured ABS plastics and speciality thermoplastic resins with high-impact and mechanical strength. Elix's ABS products are used in the manufacture of high-end consumer goods, electronics, medical devices and automotive dash-boards.

Elix Polymers has a customer base of more than 300 clients in 40 countries, with a notable presence in Europe and the Mediterranean. The company expects to report revenues of €200m in 2011.

People
Lionel de Posson is vice president of Sun European Partners and worked on the deal alongside colleague Alain Cianchini. Martin Pugh is EMEA president of Styrolution.

Advisers
Equity – Ernst & Young, Martin Hurst (Financial due diligence); Bridget Walsh (Tax); Kirkland & Ellis, Claire McDaid, Chris Field (Legal); DLA Piper, Juan Picon (Legal).
Vendor – Garrigues, Juan Antonio Lasaleta (Legal).

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