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May 15, 2008

Private Equity Firm Carlyle Group to Acquire Greek Firm for €749 Million

Michelle Bryner

Private equity firm The Carlyle Group (Washington) says it has acquired 73.5% of chemical producer and distributor Neochimiki Lavrentiadis (Athens) for €19/share ($29/share) via several block trades over the Athens Stock Exchange. Carlyle says it will now launch a "mandatory" tender offer for the remaining outstanding shares to acquire the company, in a deal valued at €749 million. Carlyle purchased 20% of the shares from Lavrentis Lavrentiadis, former chairman and CEO and son of the founder of Neochimiki. Neochimiki distributes chemical raw materials sourced from a wide network of multinational suppliers, as well as produces and distributes fertilizers and raw materials for the coating industry. This is Carlyle's first investment in a Greek company.