CARPENTERSVILLE, Illinois, July 02, 2021– (BUSINESS WIRE) – Black Diamond Capital Management, LLC (“Black Diamond”) is pleased to announce a transaction involving one of its holding companies, Specialty Chemicals International Limited, a holding company of the Polynt group. Reichhold (the “Company”) in which the Company has agreed to repurchase the shares of Investindustrial in the Company (the “Transaction”). Following the completion of the Transaction, Black Diamond will become the majority shareholder of the Company.
Black Diamond and Investindustrial became partners of Polynt-Reichhold after the successful merger of Polynt and Reichhold in May 2017. In the years following the merger, the performance of the combined company has improved significantly. The Operation, as well as the refinancing of existing debt, will be financed by approximately € 1.3 billion (equivalent) of new senior secured and unsecured debt facilities expected to be issued by the Company on the public capital markets. loan. The subsidiaries of JP Morgan and certain funds managed by the subsidiaries of Apollo Capital Management, LP, have made a debt financing commitment and the funds managed by Black Diamond have made an equity commitment.
“We are extremely pleased with what management has been able to achieve with Polynt-Reichhold so far and look forward to supporting them for the next phase of growth,” said Steve Deckoff, Managing Director of Black Diamond.
The transaction is expected to close within six months from the date hereof, subject to obtaining all necessary regulatory approvals.
Morgan Stanley & Co. International plc acts as exclusive financial advisor to the Company and Skadden, Arps, Slate, Meagher & Flom LLP acts as legal advisor to the Company. Slaughter and May and Chiomenti Studio Legale are acting as legal advisers to Global Chemicals S.à rl, an independently managed investment subsidiary of Investindustrial V LP Morgan Lewis is acting as legal advisor to Black Diamond.
About Polynt-Reichhold
Polynt-Reichhold is one of the world’s leading manufacturers of vertically integrated specialty chemicals, generating € 2 billion in annual sales. Based in the United Kingdom, Polynt-Reichhold Group manages its operations through two regional centers located in Italy (Scanzorosciate, historic Polynt headquarters) and in the United States (Carpentersville, Illinois). The Group operates 36 manufacturing plants around the world and several R&D centers, with a total workforce of around 3,100 employees.
Additional information on Polynt-Reichhold is available at www.polynt.com | www.reichhold.com.
About Black Diamond
Black Diamond Capital Management, LLC (along with its affiliates, “Black Diamond”) is a leading alternative investment firm with over $ 8 billion in assets across four main platforms: (i) controlling capital funds -investment in difficulty and in special situations; (ii) hedge funds; (iii) stressed and struggling uncontrolled closed-end funds; and (iv) guaranteed loan bonds and structured products. Black Diamond has over 25 years of experience underwriting, negotiating, restructuring and managing high performing, stressed, distressed and private equity investments through multiple market cycles. Black Diamond is an SEC registered investment adviser with over 80 employees operating from offices in Stamford, CT, London, UK and St. Thomas, VI.
Additional information about Black Diamond is available at www.bdcm.com.
This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States or in any other jurisdiction.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20210701005971/en/
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