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TowerBrook Capital Partners Seeks Exit from PolymerLatex

3:13 AM MDT | July 12, 2010 | Natasha Alperowicz

The private equity firm TowerBrook Capital Partners (London) is seeking a buyer for PolymerLatex (Marl, Germany). TowerBrook has been the owner of PolymerLatex, Europe's second largest latex producer, for seven years, a longer than average term for a private equity firm to seek an exit strategy. PolymerLatex, formerly a joint venture between Bayer and Degussa, now renamed Evonik Industries, reported sales of €387 million ($475.7 million) in 2009. It empolyes about 600 people. TowerBrook bought the company for €235 million in 2003. Stefan Brandt...

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