* Deal follows Brenntag sell-down, Univar stake swap
* IMCD recently expanded with Warwick deal in Wales
* Brenntag sales multiple would imply 550 mln euro tag
(Adds details on loans, employees, clients, possible value)
By Quentin Webb
LONDON, Oct 6 AAC Capital, the former private
equity arm of Dutch bank ABN AMRO, is looking to sell IMCD, the
Rotterdam-based chemical distributor with nearly 1 billion
euros in revenue, two people familiar with the matter said on
The Dutch investor has hired UBS as an adviser, and the
process is at an early stage, the people added.
A spokesman for AAC had no immediate comment. An IMCD
spokeswoman did not immediately respond to a telephone call and
an email request for comment after usual business hours.
IMCD, owned by AAC since 2005, has 800 staff in 31
countries and 925 million euros ($1.3 billion) in revenues,
according to an Aug. 30 press release.
Its clients include specialty chemicals companies, such as
Wacker Chemie AG (WCHG.DE), and producers of ingredients used
to make food and drugs.
The potential deal underscores a pickup in private-equity
activity involving chemical sector companies.
A month ago Clayton, Dubilier & Rice took a big stake in
Univar NV [UNIV.UL], another Dutch chemical distribution firm
which is owned by CVC [CVC.UL].
And last week investors led by BC Partners [BCPRT.UL] sold
down their stake in Germany's Brenntag (BNRGn.DE), after
floating the 3.2 billion-euro company in March.
Brenntag trades at an enterprise value (EV) of about 0.6
times annual sales, according to Starmine data -- a multiple
that would imply a value of about 550 million euros for IMCD.
In August IMCD expanded by buying specialty chemicals
businesses from privately held Warwick International Group Ltd,
adding about 80 million euros in annual revenues.
In 2007 AAC recapitalised IMCD with 345 million euros of
new loans, according to Thomson Reuters Loan Pricing Corp -- a
move that typically allows a financial backer to pay itself a
(Reporting by Quentin Webb; Editing by Erica Billingham and