Vision Capital has agreed to sell Terphane to Tredegar Corporation (NYSE: TG), a global manufacturer of plastic films and aluminium extrusions, for USD188 million.
Under Vision Capital’s ownership, Terphane, a leading manufacturer of speciality polyester films with operations in Brazil and North America, has made rapid operational and financial progress, benefiting from a clear strategic and operational business improvement plan.
Andrew Hawkins, a Managing Partner at Vision Capital, says: “The strategic plan and investment we have made in Terphane have yielded excellent results. The business is now on a very strong platform for future growth. Tredegar is a world leading company in the sector and is well placed to take Terphane on to the next stage of its development and to capitalise on the opportunities ahead. We wish the business and its new owners every success.”
Nancy Taylor, President and CEO of Tredegar Corporation, says: “We are grateful for the role that Vision has played through its investment in Terphane by supporting and strengthening this attractive business through the global economic crisis. Vision’s keen ability to identify the value of Terphane has been instrumental in Terphane ultimately finding a home with a strategic owner.”
Terphane was the first investment from Vision Capital Partners VII LP, the fund which closed in January 2009.
