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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 USD50m–60m (EUR38m–45m) 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 USD400m–480m 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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