Acquired by Advent International (Mar 2019)
In 2018 Evonik announced their intention to spin off their methacrylates business.
In March 2019 Advent International announced their successful acquisition of the business for 3 billion euro. Advent were competing with other funds including SK Capital and a group effort of Triton and Rhone Capital to win the deal.
Evonik's methacrylates business produces products that are used as acrylic sheets in construction, automotive and electronics industries. A common name for PMMA is Plexiglass. Arbolus helped one of the funds on the deal by creating a deal team of various former executives and consultants.
Arbolus Deal - Evonik
Initial team members
- A former CEO of the biggest competitor
- A former executive of Evonik's MMA division
- A former commercial director of Lucite, one of Evonik MMA's main competitors
Referral team members
Throughout the next 3 months, the original team members recommended 6 former colleagues, bringing them into the deal team.
- A former Mitsubishi executive
- A former HR director at Evonik
- An MMA pricing consultant.
In this period, our client received support from all 9 advisors. The advisors conducted phone calls, in-person meetings, offline research, deal document reviews and even challenging their other advisors (consulting firms and banks).