TowerBrook Capital Partners buys Clariant's Pharmaceutical Fine Chemicals business for approximately €70m

TowerBrook Capital Partners LP, the transatlantic private equity firm, today announced the purchase of Clariant's Pharmaceutical Fine Chemicals business for a transaction value of approximately €70m (CHF 110m). This investment builds on TowerBrook's proven expertise of investing in the specialty chemicals industry. PolymerLatex GmbH, a leading synthetic latex producer headquartered in Germany, is held within TowerBrook's portfolio of companies.

At the deal's completion, the new autonomous entity will be one of the world's largest pure pharmaceutical fine chemicals businesses. It manufactures building blocks, regulatory starting materials, intermediates and active pharmaceutical ingredients (APIs) for both the innovative and the generic pharmaceutical industry. It will operate all manufacturing sites of Clariant Pharmaceutical Fine Chemicals and will be headquartered in Frankfurt am Main, Germany.

The new entity has strong opportunities for profitable growth. Recent major contracts won by Clariant Pharmaceutical Fine Chemicals include being selected by Roche as a supplier for key materials in the manufacturing supply chain of Tamiflu®.

Jan Secher, Clariant's Chief Executive, said: "The Pharmaceutical Fine Chemicals business sharpened its strategy and improved its efficiency, enabling it to become one of the industry's leading suppliers. As an independent entity supported by a committed investor, it has an excellent opportunity to perform well in future. On the Clariant side, this is another important step towards leadership as supplier of products and value increasing services based on application technology."

James Harrison, a Managing Director of TowerBrook, said: "As a supplier to the pharmaceutical industry, the Pharmaceutical Fine Chemicals business is in an excellent position to benefit from the increasing trend towards outsourcing to specialist providers. Together with management, we plan to grow the business through new capital investment and through appropriate acquisitions."

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