Sun European Partners Acquires Elix Polymers from Styrolution
An affiliate of Sun European Partners, LLP, the European adviser to Sun Capital Partners, Inc., has signed an agreement to acquire Elix Polymers, S.L., a leading plastics business from Styrolution Group GmbH. Based in Tarragona, Spain, Elix Polymers has more than 35 years experience in pre-colored acrylonitrile-butadiene-styrene (ABS) and ABS specialty thermoplastic resins which possess high impact and mechanical strength. These plastics are used in the manufacture of high-end consumer goods, consumer electronics, medical devices and automotive dash-boards. The company delivers value to its customers by utilizing state-of-the-art technology and environmentally safe processes to provide high-performance, innovative products. Elix Polymers has a blue chip customer base of more than 300 clients across more than 40 countries, primarily within Europe and the Mediterranean region.
The transaction will be closed in the course of the first half of this year and follows the decision by the European Commission to approve the formation of Styrolution as a 50:50 joint venture between BASF and INEOS under the condition Styrolution divests Elix Polymers. According to a press release, there was considerable interest in the company but the speed, certainty and decisiveness that Sun European Partners was able to demonstrate throughout the process was crucial in securing the transaction.
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