Bain sells offs Chinese chemical companies
With Bain Capital poised to announce a first close on its second Asia fund, the private equity firm has secured the first full exit from an investment made through its debut regional vehicle. The sale of Hipro Polymers and Casda Biomaterials to French firm Arkema for an enterprise valuation of $365 million brings to a close Bain’s four-year association with Chinese firm Feixiang Chemicals.
The original sum invested was $41 million for a 23% stake in the offshore company that owned Feixiang. When Rhodia, another French chemicals producer, came in for the Chinese firm in June 2010, paying...
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