Sweden: Business Transaction Transaction of Perstorp Interests and New Investments Announced
PAI Partners announced the transfer of their interest in Perstorp from PAI Europe IV to a new fund managed by PAI Partners and backed by Landmark Partners and other co-investors. As a part of the deal, the investors of the new fund have agreed to commit approx. $ 150 million for investment activities.
Malmö/Sweden — Perstorp is a world leader in specialty chemicals and for over 135 years, this expertise has been used to pioneer the development of innovative products. The company employs 1,500 people across manufacturing units in Asia, Europe and North America. In 2017, the company’s sales amounted to $ 1.54 billion, and Ebitda excluding non-recurring items increased by 20 % to record-high $ 237 million. The positive development continued in 2018, with LTM Ebidta as at 30 June 2018 amounting to $ 260 million.
Charles Tingue from Landmark Partners commented that Perstorp was an outstanding company with strong market positions, solid growth prospects and an excellent management team. Landmark Partners was committed to supporting the growth strategy together with PAI Partners.
According to Jan Secher, President and CEO of Perstorp, the company had delivered strong results, attracting new quality investors. Perstorp had progressively enhanced profitability and deleveraging, resulting in the recent upgrade by S&P.