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Affiliate of Sun European Partners acquires Elix Polymers

A Sun European Partners affiliate has signed an agreement to acquire ELIX Polymers, SL, a leading plastics business, from Styrolution.

Based in Tarragona, Spain, ELIX Polymers has more than 35 years experience in pre-coloured Acrylonitrile-Butadiene-Styrene (ABS) and ABS specialty thermoplastic resins which possess high impact and mechanical strength. These plastics are used in the manufacture of high-end consumer goods, consumer electronics, medical devices and automotive dash-boards.

The company delivers value to its customers by utilising state-of-the-art technology and environmentally safe processes to provide high-performance, innovative products. ELIX Polymers has a blue chip customer base of more than 300 clients across more than 40 countries, primarily within Europe and the Mediterranean region.

Lionel de Posson, Vice President at Sun European Partners, says: “ELIX Polymers is a leading specialty chemicals business operating in an attractive and growing segment of the market. The company has core differentiated capabilities that set it apart from its peers. Given our experience in the chemical sector, we are looking forward to working with ELIX Polymers’ management and the broader team to enhance and further develop its market-leading position.”

”We are delighted to complete this transaction with Sun European Partners and are confident they will provide the leadership and experience to take ELIX Polymers to the next level,” says Martin Pugh (pictured), President EMEA, Styrolution. “We look forward to closing the transaction in the course of the first half of next year.”

This transaction follows the decision by the European Commission to approve the formation of Styrolution as a 50:50 joint venture between BASF and INEOS under the condition Styrolution divests ELIX Polymers. There was considerable interest in the company but the speed, certainty and decisiveness that Sun European Partners was able to demonstrate throughout the process was crucial in securing the transaction.

Sun Capital Partners Inc has significant experience in the chemical industry and counts among its affiliated portfolio companies a number of leading chemical companies, including Emerald Performance Materials, a leading producer of advanced specialty chemicals for a variety of food and industrial applications, and Sonneborn, the world’s largest supplier of white oils, petrolatums, waxes, and other hydrocarbon specialty products.

The transaction is conditional upon merger clearance and approval from the European Commission and is expected to close in the first half of 2012.

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