02 Mar 2005 Disposal of Metasheen Business by Wolstenholme
Rutland, the UK private equity partnership, announces that one of its portfolio companies, Wolstenholme Group Limited (“Wolstenholme”), has today completed the sale of its equity interest in Metasheen Canada and the business, assets and goodwill of its global distribution business for Metasheen related products (“the Metasheen Business”) for £22 million.
Wolstenholme is a leading manufacturer of pigments and coatings for the print industry and was formed as part of the demerger that followed the public to private of Wolstenholme Rink plc in July 2000.
The products included within the Metasheen Business sale are all Metasheen slurries and dispersions whilst Wolstenholme will retain all products and know-how relating to the finished inks based on Metasheen. The business is being sold to CIBA Specialty Chemicals (“CIBA”).
The proceeds from the sale will be used to repay third party bank debt and the balance will be distributed to shareholders in due course. Rutland will continue to work with the Wolstenholme management on the development of the core business of metallic flake pigments, metallic ink and black dispersions.
Commenting on the sale, Paul Cartwright of Rutland said:
“Under Wolstenholme’s management the Metasheen Business has grown strongly from a low base over the last four years. The business has now reached a size where it is sensible to realise value and for the Wolstenholme management to re-focus on the group’s core business”.
The transaction was co-ordinated on behalf of Rutland by Paul Cartwright and Chris Dowling.