Tensar Corporation, a soil stabilisation products portfolio company of Bahrain-based private equity firm Arcapita, has agreed to acquire UK-based peer Tensar International from buyout firms 3i Group and Electra Partners and company management for £68m (US$127.5m).
3i invested in Tensar International, which makes plastics geogrids aimed at the international civil engineering market, in July 1995. Arcapita bought Tensar Corp late last year for US$385m from KRG Capital.
- Pricewaterhouse-Coopers Corporate Finance has emerged as the adviser to Close Brothers Private Equity on its acquisition of the UK-based industrial water chemicals business of US-listed Chemtura for US$85m.
Led by Catherine Houghton, PwC Corporate Finance advised David Cartmell, chief executive of the spin-off business, BWA Water Additives, and CBPE on the transaction.
BWA is a global supplier of niche speciality chemicals used in a wide range of industrial water treatment applications, including desalination, and has revenues of about US$80m.
Addleshaw Goddard provided legal counsel, with debt from Royal Bank of Scotland and due diligence from Cogency.
- US-based buyout firm Kohlberg Kravis Roberts is reportedly planning to buy into Turkish retail holding company Boyner for about US$200m.
The money would give KKR half of Beymen and 60% of Boyner Büyük Magazicilik outlets, according to local papers.
Cem Boyner, managing director of Boyner Holding’s executive board, told Turkish Daily News: “With our outlet in Cairo, we have seen how much interest we would be able to generate in surrounding countries. We believe that the years ahead hold bigger opportunities for both Beymen and Boyner.
“At this point, we wanted to strengthen the acceleration of our growth with a strong global partnership,” he said. “KKR, the company with which we began negotiating for a strategic partnership, is a well-established investor with extensive retailing experience that always aims for long-term investment projects. I believe that this partnership will open up new horizons as well as provide efficient and long-term opportunities for both companies.”
Jon Pfeffer, KKR’s representative for European retail operations, told the paper that the partnership with Boyner Holding would provide support for the vision of growth laid out by the Boyner family and its management.
- UK-based buyout firm CVC Capital Partners has made the highest offer for Danish cosmetics store chain Matas. CVC has offered DKr5.1bn (US$876.2m), trumping bids from rivals such as Iceland’s Baugur. Matas needs two-thirds of its 180 shareholders to accept the offer at an EGM on May 28.