Wendel seeks to exit Parex to private equity buyers


Private equity bidders are lining up to acquire the mortar division of chemicals and materials group Materis from Euronext-listed investment firm Wendel, Reuters has reported.

Bain Capital, BC Partners, CVC Capital and Pamplona Capital Management all made first rounds bids for Parex, alongside strategic investor Henkel.

Wendel acquired Materis in 2006, and has since sought to address the company’s €2bn debt pile.

Earlier this year the firm previously hired BNP Paribas to advise on the sale of Parex, which has EBITDA of €99m, 13.9 per cent of net sales), and up eight per cent on the previous year.

A prospective deal could see debt of up to 5.5 times its EBITDA, the report said.

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