Evonik signed an agreement to sell its methacrylates business for € 3 billion ($ 3.4 billion) to Advent International. The sales price is 8.5 times the EBITDA of the business.
The transaction is subject to regulatory approvals in various countries and is due to close in the third quarter of this year.
Globally, Evonik’s methacrylates business has 18 production sites and 3,900 employees. For the past 3 years, the company generated an average annual EBITDA of approximately € 350 million ($ 385 million) and annual sales of approximately € 1.8 billion ($ 2.04 billion
Methacrylates, acrylic products and CyPlus business lines, and some methacrylate resin activities are included in the transaction. As part of its systematic strategy, Evonik puts these operations on the market to strengthen its emphasis on less cyclical specialty chemicals.
The sales proceeds of the business will be used to strengthen the company’s balance sheet and, in particular, for targeted growth projects.
About Advent International: Advent International is one of the world’s most experienced financial investors with over 30 investments over the past three decades in the chemical industry.