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Doughty Hanson’s Norit files for $200m US IPO

21 Mar 2012

Norit, a water purification business backed by British private equity firm Doughty Hanson, has filed to raise $200m in an initial public offering of its common stock.

According to a filing with the US Securities & Exchange Commission, the IPO is being underwritten by Goldman Sachs and Credit Suisse.

Founded in 1918 and based in Texas, Norit supplies clean technologies and components for purification and filtration systems and stands as the world’s biggest producer of activated carbon.

The business reported revenues of $360m last year and adjusted EBITDA of $119m.

Doughty Hanson bought an 81 per cent stake in Norit through its Fund V vehicle from Gilde Buy Out Partners in 2007, while Euroland Investments bought the remaining 19 per cent interest.

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