Change of owner at Polynt-Reichhold

Black Diamond Capital Management is to become the controlling shareholder of the Polynt-Reichhold group, after investment group Investindustrial agreed to sell its stake for €1.3 billion. Affiliates of JP Morgan and Apollo Capital Management have provided unspecified equity commitments towards the deal, which should close within six months.

Black Diamond and Investindustrial became partners in Polynt-Reichhold after the two companies merged in May 2017. “In the years following the merger, the combined company’s performance has substantially improved,” claimed Investindustrial.

Polynt and Reichhold are mainly active in coatings and composites, but Polynt, which has sales of €2 billion/year and a strong market position in both Europe and North America also has an Intermediates business unit, which makes maleic, phthalic and trimetellic anhydrides, maleic anhyride derivatives, malic and fumaric acids, plasticisers and speciality esters that are used in many fields, including cosmetic ingredients.