Tikehau IM has arranged a term loan financing for ELIX Polymers, a specialty chemicals manufacturer owned by an affiliate of Sun European Partners.
Headquartered in Tarragona, Spain, ELIX is a manufacturer of high quality pre-coloured Acrylonitrile-Butadiene-Styrene (ABS) resins and derivatives as well as tailor-made specialities used for automotive, healthcare, consumer, appliances and electronics applications.
ELIX was acquired by Sun European Partners in 2012 from INEOS, as part of the remedy process imposed by the European Commission for the formation of the joint venture between the ABS businesses INEOS and BASF.
After a successful transformation, ELIX has become an efficient and profitable standalone business with more than 300 customers worldwide.
Tikehau IM has solely arranged and underwritten the Term Loan B while Bankinter has arranged and underwritten the Term Loan A.
Lionel de Posson, principal at Sun European Partners, says: "ELIX has a demonstrated track record of continuous growth over the past years, and we are pleased to have Tikehau and Bankinter participate in this success going forward. We look forward to continuing to develop the business, and to find new investment opportunities in Spain and across Europe."
Carmen Alonso, in the private debt team at Tikehau IM, says: "We are pleased to be part of this important step in the development of ELIX. This transaction will enable ELIX to optimise its financing structure to be able to exploit further growth opportunities."
