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CBPE backs £129m MBO of Welsh Warwick International from US parent Sequa01/09/2008. Source: AltAssets. 
 Close Brothers Private Equity has backed the £129m MBO of Mostyn, North Wales-headquartered speciality chemicals group Warwick International from its US parent, Sequa Corporation, which is owned by The Carlyle Group. CBPE has invested £55m in the deal and is acquiring the business alongside the incumbent management team led by CEO Bob Ellis.
Warwick consists of a speciality chemical manufacturing business focused on the global laundry detergents market and a broad network of niche chemical distributors based across Europe and Asia. Warwick has revenues in excess of £180m, according to a statement.
CBPE's investments in the chemical sector have included Chance & Hunt (acquired from ICI), Aroma & Fine Chemicals (acquired from IFF), Minova International (acquired from BP) and BWA Water Additives (acquired from Chemtura Corp.).
Mathew Hutchinson from CBPE will be joining the board of Warwick along with Sandy Dobbie who becomes non-executive chairman.
Carlyle managing director Adam Palmer said, 'The divestiture is consistent with Carlyle's original strategy for Sequa, which was to evaluate its entire portfolio of businesses and divest or restructure certain non-core assets in order to re-shape and focus the business - particularly on its largest division, Chromalloy Gas Turbine Corporation.'
CBPE, established in 1984, invests in transactions with a value of up to £150m. The firm has £400m in funds under management.
Copyright © 2008 AltAssets
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