PROVIRON
Phthalic anhydride business acquired by German investment firm Livia / Change of ownership to bring more focus
European phthalic anhydride producer Proviron Basic Chemicals (PBC, Ostend / Belgium), part of additives producer Proviron Industries (Hemiksen / Belgium; www.proviron.com), has been acquired by private equity firm Livia Corporate Development (Munich / Germany; www.livia-group.com) for an undisclosed sum.
Livia said PBC has unique technological capabilities to produce phthalic anhydride and phthalate esters and is ranked among Europe’s top three players with non-captive capacities. PBC will continue to operate on the Ostend site, where it runs a world-scale plant, and its existing management and customer base will provide an excellent basis for significant growth in volume, revenues and return, the investment firm added.
“Livia is going to build on the established strong position in the market by enhancing the sales efforts and tapping into new markets,” said Peter Löw, founder and owner of the Livia Group. “Moreover PBC is a highly fitting acquisition complementing Livia’s investments in the chemical industry, most notably AlzChem.”
CEO of Proviron Holding, Wim Michiels, commented: “Livia will be managing these activities with more focus. Indeed, this divestment allows Proviron to focus more on its future-oriented niche chemicals.”
The acquisition of PBC was Livia’s sixth transaction in 2016, after announcing the agreement last November to take over the Utrecht / Netherlands-based plant of food company Kraft Heinz (Chicago, Illinois / USA; www.kraftheinzcompany.com).
Livia currently manages assets worth more than EUR 500m spread over a diverse spectrum. The company’s focus is on transforming businesses and buying underperforming companies with the potential to achieve operational improvements as well as making bolt-on acquisitions to realise synergies with existing investments.
Livia said PBC has unique technological capabilities to produce phthalic anhydride and phthalate esters and is ranked among Europe’s top three players with non-captive capacities. PBC will continue to operate on the Ostend site, where it runs a world-scale plant, and its existing management and customer base will provide an excellent basis for significant growth in volume, revenues and return, the investment firm added.
“Livia is going to build on the established strong position in the market by enhancing the sales efforts and tapping into new markets,” said Peter Löw, founder and owner of the Livia Group. “Moreover PBC is a highly fitting acquisition complementing Livia’s investments in the chemical industry, most notably AlzChem.”
CEO of Proviron Holding, Wim Michiels, commented: “Livia will be managing these activities with more focus. Indeed, this divestment allows Proviron to focus more on its future-oriented niche chemicals.”
The acquisition of PBC was Livia’s sixth transaction in 2016, after announcing the agreement last November to take over the Utrecht / Netherlands-based plant of food company Kraft Heinz (Chicago, Illinois / USA; www.kraftheinzcompany.com).
Livia currently manages assets worth more than EUR 500m spread over a diverse spectrum. The company’s focus is on transforming businesses and buying underperforming companies with the potential to achieve operational improvements as well as making bolt-on acquisitions to realise synergies with existing investments.
11.01.2017 Plasteurope.com [235924-0]
Published on 11.01.2017