The specialty chemicals innovator and supplier Perstorp (Perstorp Holding AB) today announces the sale of its additives activities primarily serving the paints and coatings industry produced at its facility at Gent Belgium, Perstorp Belgium (Perstorp Oxo Belgium AB) to Synthomer (Synthomer plc). The total consideration for the sale is €78 million (subject to certain adjustments). The divestment is in line with Perstorp’s strategy to focus on and expand its core chemicals activities.
Perstorp Belgium manufactures and markets a range of performance additives to a global customer base across a number of end-markets including paints and coatings and plastics. The business employs 41 employees at its Gent facility, who will all be transferred with the business. In the year to 31 December 2016, Perstorp Belgium generated earnings before interest and tax of €8 million. At 31 December 2016, Perstorp Belgium had gross assets of €21 million. The transaction represented a multiple of circa 9.0x 2016 EBITDA.
“The sale of Perstorp Belgium creates very good shareholder value and is a natural step in our strategy of focusing on growing our core technology platforms. The transaction provides Perstorp Belgium and its employees with an opportunity to develop further within Synthomer,” says Perstorp President & CEO Jan Secher.
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Millington Advisory Partners acted as exclusive financial advisor to Perstorp in relation to the transaction.