P+P advises the management on sale of Evonik's methacrylate division
Evonik Industries AG ("Evonik") has sold its methacrylate division to private equity firm Advent International Corporation ("Advent International"). P+P advised the management of the methacrylate division in the course of the transaction.
Evonik is headquartered in Essen and is one of the leading companies worldwide in specialty chemicals. The products included in the methacrylate division are brands such as PLEXIGLAS® and are used in a variety of end markets, including paints and coatings, construction, automotive and healthcare. The group employs 3,900 people worldwide and has 18 production sites. The methacrylate business generated an average yearly EBITDA of approximately EUR 350 million with turnover of approximately EUR 1.8 billion per year.
The sale of the methacrylate business will strengthen Evonik's balance sheet, to be used primarily for targeted growth projects. This includes financing the takeover of the American company Peroxychem and expanding the existing specialty chemical portfolio.
The private equity firm Advent International is headquartered in Boston and is one of the largest private equity funds worldwide. With more than 30 investments in over 3 decades, it is one of the most experienced private equity investors in the chemicals industry.
P+P Pöllath + Partners advised the management of the methacrylate division on legal matters with the following Munich-based team:
- Dr. Benedikt Hohaus (partner, lead, M&A/private equity)
- Philipp von Braunschweig (partner, M&A/private equity)
- Dr. Roman Stenzel (counsel, M&A/private equity)
