Investindustrial seals ‘one of Europe’s biggest PE exits this year’ with Polynt-Reichold stake sale

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Private equity house Investindustrial has sealed one of Europe’s largest PE exits this year with the sale of Polynt-Reichhold back to Black Diamond-backed holding company Speciality Chemicals International.

The deal, together with the refinancing of existing debt, will be financed by about €1.3bn of new senior secured and unsecured debt facilities.

Investindustrial and Black Diamond Capital became partners in Polynt-Reichhold after the €1bn merger of Polynt and Reichhold in May 2017.

Black Diamond will be the company’s controlling shareholder following the sale.

The firm had previously held Italian specialty chemicals maker Polynt for eight years. The combined business generates about €2bn in annual sales.

JP Morgan and Apollo Capital Management have provided a commitment for the debt financing.

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