LONDON/MILAN (Reuters) – Buyout fund Investindustrial is gearing up to sell its specialty chemicals firm Polynt-Reichhold in a deal worth up to 2 billion euros ($2.34 billion) that is expected to launch early next year, five sources familiar with the matter told Reuters.
Italy-based Polynt-Reichhold was formed in 2017 by combining Investindustrial-owned Polynt and Black Diamond Capital-backed Reichhold.
The business, which operates 41 plants around the world with a strong presence in Europe and North America, has over 2 billion euros in annual revenues.
It could be valued at between 1.5 and 2 billion euros including debt, based on core earnings of 241 million euros in 2019, two of the sources said.
Investindustrial, led by founder Andrea Bonomi, is looking to hire banks in the coming weeks to prepare the company for