UNQUOTE

Charterhouse to exit Lucite

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Charterhouse intends to exit its investment in Lucite. The private equity house recently mandated Deutsche Bank to handle the sale after receiving unsolicited approaches from trade buyers. The possible value of a sale has been estimated at ТЃ1.4bn, with potential bidders identified as BASF, Dow Chemicals, Rohm Haas and Japanese competitors Asahi Kasei and Mitsubishi Rayon.

Lucite is a producer of methacrylate monomers used in the manufacture of acrylics and owns patented brands Perspex and Tufcoat.

Charterhouse, alongside Belgium-based ethelyene oxide manufacturer Ineos, acquired what was then named Ineos Acrylic from ICI in 1999 in a deal valued at EUR 879m. Charterhouse took an unratched 80% stake in the company with Ineos holding the balance of the equity. Shortly afterwards the equity house merged the company with the acrylics business of Dupont to form Lucite.

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