• Deal could value company at $600-$700 mln
• Brazos created Ennis-Flint in 2012
• 2012 deal valued company at $575 mln
A deal will likely value Ennis-Flint between $600 million and $700 million, including debt, the people said, asking not to be identified because the talks are confidential.
Olympus prevailed over other private equity firms vying for Ennis-Flint, including Advent International Corp, American Securities LLC and AEA Investors LP, the people said. Negotiations with Olympus could still fall through, the people added.
A Brazos spokesman had no immediate comment while Ennis-Flint did not respond to a request for comment. Olympus and AEA did not respond to requests for comment, while American Securities and Advent declined to comment.
Ennis-Flint produces the paint used to mark roads and pavements. It has manufacturing facilities in the United States, Canada, Australia and Europe.
The company was created in its current form by Brazos in March 2012 through the merger of two of its portfolio companies – Ennis Paint Inc and Flint Trading Inc. That deal valued Ennis-Flint at the time at $575 million, including debt.
Founded in 1988, Stamford, Connecticut-based Olympus manages more than $5.5 billion in private equity assets, according to its website.
Greg Roumeliotis is a reporter for Reuters News in New York