Blackstone in business negotiations for Polymer Group
Private equity firm looking to buy non-woven material maker
Blackstone Group is locked in business negotiations with rival
private equity firm MatlinPatterson, it has been revealed.
The company is looking to purchase the Polymer Group from
MatlinPatterson, who hold a majority stake in the non-woven
material maker.
MatlinPatterson has been seeking to sell the group for months
and Blackstone even acted as a sales adviser during this time.
It means Blackstone has acted as mergers and acquisition adviser
and a potential buyer for the same deal.
Shares in Polymer rose by 12 per cent to $22.30 (£14.20)
following the announcement of the potential deal, which values the
company at around $478.5 million (£305 million).
Polymer Group develops non-woven materials which are used in
disposable nappies, food packaging and disposable wipes.
The company claims to be the world's largest maker of non-woven
medical fabrics and acquired Johnson & Johnson's medical
non-woven unit in 1995.