Industri Kapital and Gilde Buyout Fund have exited their 1996 investment in Noviant by selling their stakes to the JM Huber Corp., the diversified, multinational supplier of engineered materials, natural resources and technology-based services.
Industri Kapital held a 66% stake in the business and Gilde Buyout Fund held a 10% stake.
The deal is subject to regulatory clearance in the U.S. and Finland and certain other conditions.
“Since our acquisition of Noviant in the end of 1996, the company has developed favorably, particularly after the investment program of approximately EURO40 million consisting of new production lines in Aanekoski and Nijmegen. Operating profit has more than doubled, and the company has continued to increase its sales and develop new application areas for its products,” said Michael Rosenlew, director of Industri Kapital.
Noviant reported net sales of EURO188 million in 2000, and has approximately 450 employees.
Noviant is a global leader in the manufacturing and marketing of the world’s most widely used cellulose ether, carboxymethyl cellulose (CMC). CMC is a water soluble polymer with a wide usage in various industries, such as the paper, food, pharmaceuticals, personal care, oil drilling and detergents industries.