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PP fibre producer FiberVisions gets new owner

11
Jan '12
Snow Phipps Group LLC announced the sale of one of its portfolio companies, FiberVisions Corporation, to Indorama Ventures Public Company Limited, a global polyester producer headquartered and listed in Bangkok, Thailand. FiberVisions, based in Duluth, Georgia, is a global market leader in high value applications of fibers, specializing in mono and bi-component polyolefin fibers. Terms of the deal were not disclosed.

Snow Phipps initially purchased a controlling interest in FiberVisions from Hercules Inc. in March 2006 and subsequently acquired a 100% interest in the company. The acquisition was led by Snow Phipps Operating Partner Paul Chellgren, who served as Chairman of FiberVisions and previously was Chairman and CEO of Ashland, Inc. In conjunction with the acquisition, Snow Phipps brought in an experienced management team with whom it had successfully worked with in the past, led by Dr. Stephen M. Wood and Gary Spitz, who are the CEO and CFO of FiberVisions, respectively.

"We are delighted with the partnership we have had with FiberVisions," said Ian Snow, CEO and Partner of Snow Phipps. "This venture validates our strong, unique operationally focused investment approach. Utilizing Paul's expertise in chemical and industrial process businesses, we identified opportunities to improve operations and invest in the business to significantly expand its specialty fibers capabilities globally, which benefited both the company and our limited partners."

"Steve and Gary's leadership has been instrumental in the execution of our investment thesis," said Paul Chellgren. "As owner, Snow Phipps invested in facilities, technology, processes, equity and people to build FiberVisions. We are confident that we have created a platform from which Indorama Ventures and FiberVisions will achieve significant future growth for both companies. Both employees and customers will benefit greatly from this new relationship."

"Our partnership of almost six years with Snow Phipps was invaluable," said Dr. Stephen M. Wood, CEO of FiberVisions. "Their experience, commitment and support of the strategy combined with hard work by our employees helped to create what FiberVisions is today. We have built a market leading, high value add company that is positioned to compete successfully around the world."

Snow Phipps's sellside advisor was UBS Investment Bank and legal counsel was Simpson Thacher & Bartlett LLP. Lowenstein Sandler served as lead legal counsel to Indorama Ventures.

The transaction closed on January 6, 2012.

Snow Phipps Group is a New York-based private equity firm, with $1.5 billion in assets under management, specializing in investing in middle market companies.

Indorama Ventures, listed in Thailand is a leading PTA, PET and Polyester producer with a global manufacturing network across Africa, Asia, Europe and North America. Its products serve major players in diversified end-use markets, including food, beverages, personal and home care, health care, automotives, textile, and industrial.

Snow Phipps Group LLC


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