CVC Capital and Pamplona had narrowed the bidding field to a two-horse race by November according to Reuters, but it added the highest bids received were about €800m.
It cited banking sources, which had been preparing debt packages of up to €550m to back a buyout, representing 4.5 to 5.5-times the company’s approximate EBITDA of €99m.
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.
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