CVC’s Sale of Flint Said to Stall as Buyouts Drop Out

(Corrects full name of Apollo in second paragraph.)

CVC Capital Partners Ltd.’s planned sale of printing-ink maker Flint Group has stalled after potential buyout firms including Bain Capital Partners LLC withdrew from the process, three people close to the talks said.

Bain, Apollo Global Management LLC (APO) and Carlyle Group LP (CG) backed out at the second-round stage, said two of the people, who asked not to be identified because the information isn’t public. CVC also received interest from an Asian company, though the potential for a transaction remains unclear, the people said.

CVC’s attempt to exit coincided with an economic slowdown in Europe, which forced Luxembourg-based Flint to shelve an initial public offering in 2010. CVC built the asset from two European ink companies bought in 2004 and merged with Flint Ink Corp. in the U.S. a year later to form the enlarged group. The company makes inks and plates for packaging and print media.

Flint had sales of 2.2 billion euros ($2.7 billion) last year. Deutsche Bank AG and Greenhill & Co. (GHL) are advising CVC on the sale. Altana AG, which last year purchased water-based specialty printing ink maker Color Chemie Group, hasn’t pursued the asset, one of the people said.

Spokesmen for CVC, Apollo, Bain declined to comment, and a spokeswoman for Carlyle wasn’t available to comment.

To contact the reporters on this story: Sheenagh Matthews in Frankfurt at; Andrew Noel in London at

To contact the editor responsible for this story: Benedikt Kammel at

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