KPS Capital Partners, SK Capital Partners and Triton Advisers Ltd. are among second-round bidders for Polynt, an Italian chemical maker being sold by local buyout firm Investindustrial, people familiar with the matter said.
Offers may value Polynt at as much as 850 million euros ($946 million), said the people, who asked not to be identified because details of the sale process are private. No final decision has been made, they said.
Polynt supplies chemicals, additives and resins used in the production of polymers and foods. The company is expanding its malic-acid and maleic-anhydride capacity to compete with Huntsman Corp. for the position of the world’s largest producer of ingredients used in beverages, electronics and water treatment.
Polynt, a former unit of Lonza Group AG, generates about 100 million euros in earnings before interest, taxes, depreciation and amortization, with sales of about 1.2 billion euros, a person familiar with the matter said in June. Polynt last year acquired CCP Composites from Total SA, having earmarked unsaturated polyester resins as an area of growth.
Representatives for Investindustrial and SK Capital declined to comment. Officials at Triton and KPS Capital weren’t immediately available.