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After years of trying to find a buyer, France’s SNPE is selling its Isochem fine chemicals business to Aurelius, a Munich-based private equity group, for an undisclosed sum. Isochem operates four manufacturing sites in France and one in Kazincbarcika, Hungary. With 530 employees, Isochem had 2009 sales of about $154 million. “Aurelius is a strong and serious partner for the successful future of Isochem,” SNPE CEO Antoine Gendry says. Isochem will be the German firm’s first investment in a chemical company. The sale builds on a trend in Europe of fine chemicals operations being acquired by private equity groups. Rohner, for example, was purchased in 2006 by Arques, another Munich-based private equity group, and subsequently purchased by BluO, a spin-off from Arques. Archimica, Clariant’s former fine chemicals division, was purchased in 2006 by TowerBrook Capital Partners, an Anglo-American venture fund. And International Chemical Investors Group has acquired several European fine chemicals firms, including Italy’s Miteni last year. SNPE continues to seek a buyer for Bergerac, its nitrocellulose business.
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