Bain in exclusive talks to buy BWA Water additives

The sale of Manchester-based chemicals company BWA was launched in early May with Keybanc advising, as previously reported by Unquote sister publication Mergermarket.

There has been some uncertainty around businesses that operate in the water market, as it is becoming increasingly commoditised, the first source said. But last week's announcement that Swiss drugs ingredients maker Lonza Group has entered into a definitive agreement with Platinum Equity to sell its Water Care business and operations for $630m gives confidence to the parties, both sources said.

Bain recently agreed to buy Italian chemical additives manufacturer Italmatch from Ardian for a reported €700m. Bain is bidding for BWA through this same portfolio investment, as previously reported by Mergermarket.

Berwind acquired BWA in 2011 from Bahrain-based Seera Investment Bank for £185m, according to Manchester Evening News.

Bain Capital, Berwind and BWA declined to comment.

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