Advent International completed the acquisition of the methacrylates plastics unit of Evonik for €3bn.

Buyout group Advent International and Evonik Group, the largest specialty chemicals company in the world, completed the deal in which Advent acquired the methacrylates plastics unit of Evonik for €3bn. The transaction comprises Evonik’s Methacrylates, Acrylic Products, CyPlus, and methacrylate resins business lines. From 2016 to 2018, the business generated an average annual EBITDA of about €350m and sales of about €1.8bn per year. “Evonik’s methacrylates business is an impressive technology platform with a well-established market position and very attractive growth opportunities. We look forward to working in close cooperation with the highly qualified employees and management team to establish the business as an independent global market leader,” Ronald Ayles, Advent Managing Partner and Global Head of Chemicals.