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Vantage Specialty Chemicals sale nears completion

December 08/2011

(ICIS) -- US-based oleochemicals producer Vantage Specialty Chemicals is close to being sold, with a private equity firm the likely buyer, several sources in the financial community said on Wednesday. The sale of Vantage is in the final stage with a buyer already selected and an announcement likely to come within the next month, said one source.

The company, owned by US-based private equity firm HIG Capital, generates about USD50m60m (EUR38m45m) in annual earnings before interest, tax, depreciation and amortisation (EBITDA), according to a number of sources. The sale multiple is said to be relatively high at over eight times EBITDA, making for a final price of between USD400m480m or higher.

Vantage is being sold through a formal auction process that started several months ago, according to sources.
It was a food fight among private equity firms many were actively pursuing this asset, said another source.
Several private equity firms were after this asset it was hotly contested, another source said.

The buyer is likely US-based private equity firm The Jordan Company (TJC), said one source.
TJC is no stranger to the chemical space. It owns US-based Haas Group International, a provider of chemical management services. TJC would not comment on the information.

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