Chemspec looks to merge with Primavera JV
Shanghai-based specialty chemical maker Chemspec International Limited has submitted a request to the SEC to be delisted from the New York Stock Exchange and merged with a company owned by Primavera Capital and Chemspec’s CEO Jianhua Yang.
According to Chemspec, the company aims to merge with Halogen Limited, a Cayman Islands firm owned by Yang and Primavera Capital (Cayman) Fund I L.P., pending board and shareholder approval.
Primavera is the PE fund founded in 2010 by Goldman Sach's former Greater China Chairman Fred Hu, which was rumored to have raised $800 million in its first closing in February.
Chemspec operates as a contract manufacturer of highly engineered specialty chemicals as well as fluorinated specialty chemicals. The company announced total sales in Q4 2010 of RMB270.4 million ($41.0 million), a 52.7% YoY increase and a 16.7% drop from the third quarter of the year. Its gross profits totaled RMB98.7 million ($15.0 million) in the quarter, also an increase of 56.6% YoY.
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