CBPE sells Warwick Chemicals to Lubrizol

Ellie Pullen
08 January 2015

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CBPE Capital has sold Warwick Chemicals, a Welsh manufacturer of bleach activators for detergent, to US chemicals company Lubrizol Corporation.

Warwick has been absorbed into Lubrizol's Advanced Materials division and will be part of the group's personal and home care business line. It will retain its company name.

Lubrizol is a Berkshire Hathaway company. Headquartered in Ohio and founded in 1928, it employs 8,000 staff and generated $6.4bn in 2013.

Previous funding
CBPE acquired Warwick in September 2008 in a £129m management buyout. According to unquote" data, CBPE invested £55m in equity for a significant majority stake.

Royal Bank of Scotland acted as arranger for a syndicate comprising HSBC, Lloyds TSB and Barclays. The lenders provided £80m in senior and mezzanine facilities.

At the time of the investment, the company was called Warwick International Group and comprised two business lines: a speciality chemical manufacturing division and a network of niche chemical distributors across Europe and Asia.

In 2010, CBPE sold the distribution network division to IMCD Group.

Company
Founded in 1958 and headquartered in Mostyn in North Wales, Warwick is a manufacturer and supplier of bleach activators for the detergent and biocide industries.

It creates chemicals for detergents, dishwasher tablets, bleach and biocidal products for medical instrument sterilisation and denture cleaning.

People
David Greensmith is the CEO of Warwick. Rick Tolin is the vice president of Lubrizol and general manager of the group's personal care and home care division. CBPE managing partner Iain Slater manages the firm's investment in Warwick.

Advisers
Vendor – The Valence Group (M&A).