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Vestar to join Carlyle in AZ Electronic Materials investment13/02/2007. Source: AltAssets. 
 Vestar Capital Partners has agreed to invest in AZ Electronic Materials alongside The Carlyle Group. Carlyle acquired the specialty chemicals business from Clariant in 2004. Following the latest transaction, the company will be jointly owned by Vestar and Carlyle as equal partners, and AZ's management team led by CEO Thomas von Krannichfeldt. Financial details were not disclosed.
AZ is a supplier of electronic materials to the flat panel display and integrated circuit industries. The company is headquartered in Luxembourg and has operations throughout Europe, Asia and the US. Its 2006 revenues were €412m, according to a statement.
Carlyle managing director Robert Easton said, 'The company's growth trajectory has been outstanding and we are confident about the company's continued growth across all of the company's major product lines. We are delighted to welcome Vestar as partners in this investment. Together with Vestar we plan to continue to invest significantly in the business and to build value as AZ executes on its proven growth strategies.'
Robert Rosner, president of Vestar Capital Partners Europe and a founding partner of the firm, added, 'The combination of our two firm's resources and global footprints with established presence in Europe, the US and Asia make us ideally matched to support AZ's management team as they drive their business growth going forward. We are committed to supporting the company with both financial resources and the time and expertise needed to achieve the company's growth plans, as it follows its customers' increasing production needs throughout the world.'
Vestar specialises in management buy-outs and growth capital investments. The firm's investment strategy is targeted towards companies in the US, Europe and Japan with valuations in the $100m to $5bn range. Vestar currently manages funds with committed capital totalling approximately $7bn.
Carlyle has $50.9bn under management and invests in buy-outs, venture and growth capital, real estate and leveraged finance in Asia, Europe and North America.
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