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AltAssets is the private equity news and research service from Almeida Capital
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PRINT THIS PAGE Carlyle buys chemicals Greek distribution company Neochimiki09/05/2008. Source: AltAssets. 
The Carlyle Group has acquired 73.54 per cent of the shares of Neochimiki L.V. Lavrentiadis S.A. Industrial and Commercial Company for €19 per share. The transaction values the company at €749m. Carlyle intends to subsequently launch a mandatory tender offer for the remaining outstanding shares, according to a statement.
Neochimiki focuses on both the distribution of chemical raw materials sourced from a wide network of large multinational chemicals suppliers and the production and distribution of fertilisers and raw materials for the coatings industry.
Dr Robert Easton, managing director, Carlyle, said, ‘Neochimiki's steady development into a major player in Greece is a testament to the hard work and vision of its strong and committed management team. Carlyle is delighted to have the opportunity to help Neochimiki reach the next stage of its development by supporting its international expansion plans and providing access to Carlyle's global network in order to deepen the company's multinational customer base.
‘This is Carlyle's first investment in a Greek company and reflects our confidence in the country's strong economic growth prospects as well as Greece's position as a gateway to investment in Eastern Europe,’ Easton continued.
The investment has been made from Carlyle's third European buy-out fund, Carlyle Europe Partners III, which closed in 2007 on €5.35bn.
Copyright © 2008 AltAssets
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