Sun European Partners, LLP (“Sun European Partners”) today announces that one of its affiliates has completed the sale of its investment in ELIX Polymers (“ELIX” or “the Company”), a leading manufacturer of ABS (Acrylonitrile-Butadiene-Styrene) resins and derivatives in Europe, to Sinochem International (Overseas) Pte. Ltd. for an enterprise value of €195 million.
ELIX was acquired by an affiliate of Sun European Partners in 2012. Since its acquisition, Sun has overseen the transformation of the Company from operating as a production-focussed unit of a large chemicals conglomerate into a European standalone market leader with a best-in-class product and service offering. Operational initiatives at ELIX, including the introduction of lean manufacturing and commercial excellence, led to a considerable jump in productivity, record levels of customer satisfaction and strong sales increase, resulting in EBITDA quadrupling during Sun’s ownership.
Lionel de Posson, Managing Director at Sun European Partners, said: “We are pleased to have completed our sale of ELIX. The progress made by the Company during our ownership allowed for a successful exit and we continue to actively seek further investments in Spain.”
Sun European Partners was advised by Alantra, Latham & Watkins, KPMG and AT Kearney.
Fergus Wheeler / Alex Le May
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