BASF Sells PolyAd Services to Private Equity Firm
BASF SE, Ludwigshafen, Germany, has signed an agreement to divest PolyAd Services, part of its Plastic Additives business unit, to Edgewater Capital Partners, L.P., a private equity firm based in Cleveland, Ohio. The closing of the transaction is expected to take place in the second quarter of 2014. The parties have agreed not to disclose the financial details of the transaction.
PolyAd Services is a stand-alone global business that offers innovative specialty blends and services to solve additive incorporation problems for the plastics compounding and converting industry globally. The business serves a wide spectrum of plastic applications in industries, such as automotive, building and construction, packaging and electronics.
PolyAd Services has grown over the last few years, however for BASF’s Plastic Additives business, the company’s services business model is a niche business that offers a limited channel to market for its product portfolio. “With the sale of PolyAd Services, our Plastic Additives business will focus even more on our core business areas, light stabilizers, antioxidants and Customer Specific Blends (CSBs)," said Diego Lopez, Senior Vice President, Performance Chemicals North America.
Edgewater Capital is a private equity firm focused on the acquisition of lower, middle-market performance materials companies. Edgewater maintains a sector focus in performance materials, which they divide into specialty chemicals, pharmaceuticals, and specialty materials (substrates, ingredients, etc).
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