Close Brothers Private Equity has backed a £129m (US$233m) management buyout of Warwick International, a speciality chemicals business, from its US parent Sequa Corporation.
CBPE invested £55m in the deal. The Royal Bank of Scotland’s corporate and structured finance team in Manchester led a four bank club comprising Lloyds TSB Corporate Markets, Barclays and HSBC, which provided the rest of the funding for the transaction.
Headquartered in Mostyn, North Wales, Warwick International consists of two separate businesses: a speciality chemical manufacturer focused on the global laundry detergents market and a broad network of niche chemical distributors based across Europe and Asia. The business has revenues in excess of £180m.
CBPE’s previous forays in the chemicals sector include Chance & Hunt, Aroma & Fine Chemicals, Minova International and BWA Water Additives.