An affiliate of Sun European Partners, LLP completes the sale of its investment in ELIX Polymers to Sinochem International
Sun European Partners, LLP (“Sun European Partners”) today announces that one of its affiliates has completed the sale of its investment in ELIX Polymers (“ELIX” or “the Company”), a leading manufacturer of ABS (Acrylonitrile-Butadiene-Styrene) resins and derivatives in Europe, to Sinochem International (Overseas) Pte. Ltd. for an enterprise value of €195 million.
ELIX was acquired by an affiliate of Sun European Partners in 2012. Since its acquisition, Sun has overseen the transformation of the Company from operating as a production-focused unit of a large chemicals conglomerate into a European standalone market leader with a best-in-class product and service offering. Operational initiatives at ELIX, including the introduction of lean manufacturing and commercial excellence, led to a considerable jump in productivity, record levels of customer satisfaction and strong sales increase, resulting in EBITDA quadrupling during Sun’s ownership.
Lionel de Posson, Managing Director at Sun European Partners, said: “We are pleased to have completed our sale of ELIX. The progress made by the Company during our ownership allowed for a successful exit and we continue to actively seek further investments in Spain.”
ELIX Polymers now begins a new stage in its more than 40 years of history under new Chinese ownership and they consider this a great opportunity for international growth in the Asian market. From the outset, ELIX has focused on the European market and subsequently growth in the NAFTA region, specifically in the North America and Mexico. The next step agreed within its business strategy was to target Asia and China in particular.
The integration of ELIX into a chemical group as important as Sinochem International will enable them to position the brand quickly in the Asian market and strengthen it in the European and American markets.