Total Sells Its Specialty Chemicals’ Affiliate Atotech to Carlyle Group
Total has announced the sale of its Specialty Chemicals’ Affiliate Atotech to Carlyle Group. In the framework of the transaction, Total will receive $3.2 billion, representing 11.9 times Atotech’s 2015 adjusted EBITDA.
“Atotech, which is very active in Asia, is the worldwide leader in its high tech segment, with a business model focused on innovation and customer relationships. Carlyle will enable Atotech to pursue its growth ambitions and serve its customers while respecting its commitments towards its employees and stakeholders. This transaction is part of Total’s portfolio management strategy, which aims to align the Group’s asset base with its business ambition. It also forms part of the $10 billion divestment program over 2015-2017 announced by the Group”, commented Patrick Pouyanné, Chairman & CEO of Total.
Equity for the transaction will come from Carlyle Europe Partners IV, a €3.75 billion buyout fund, and Carlyle Partners VI, a $13 billion U.S. buyout fund.
Gregor Boehm, Managing Director and Co-Head of Carlyle Europe Partners, said: “With its intense customer focus and state-of-the-art R&D capabilities, Atotech is poised for continued growth and innovation. We look forward to partnering with the company’s management team and employees to fully realize Atotech’s potential.”
Martin Sumner, Managing Director on Carlyle’s Industrial and Transportation team, said: “Atotech is a strong business with excellent growth prospects in the global plating chemicals and equipment industry. Carlyle looks forward to supporting Atotech’s management team through continued investment in superior technology innovation and solutions for its global customer base.”
The proposed transaction is subject to the applicable legally required consultation and notification processes for employee representatives and to approval by the relevant antitrust authorities.
Part of Total since 1993, Atotech B.V. is a global leader in metal and surface finishing technologies, with two business segments: electronics (printed circuit boards, semiconductors) and general metal finishing (for end-markets such as automobile, construction, furniture etc). Active in more than 40 countries, Atotech has over 4,000 employees worldwide, mainly in China and in Germany, with 18 production sites (6 in Europe, 8 in Asia, 4 in America) and 18 TechCenters (5 in Europe, 8 in Asia, 5 in America). In 2015, Atotech’s sales were €1 billion.
About The Carlyle Group
The Carlyle Group
is a global alternative asset manager with $176 billion of assets under management across 128 funds and 170 fund of funds vehicles as of June 30, 2016. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. Carlyle employs more than 1,650 people in 35 offices across six continents.
Total is a global integrated energy producer and provider, a leading international oil and gas company, and the world’s second-ranked solar energy operator with SunPower with presence in more than 130 countries worldwide. Total has over 96,000 employees committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible.