Platinum Equity Company DyStar Signs Definitive Agreement to Acquire Rotta Group; Strategic Acquisition Strengthens Global Provider of Dyes to Fashion, Textile Industries Business Editors
LOS ANGELES--(BUSINESS WIRE)--Nov. 19, 2004--Platinum Equity announced today that portfolio company DyStar has signed a definitive agreement to acquire Rotta Group, a global producer of chemical auxiliaries for the textile, leather and paper industries. The agreement, completed this week, is subject to regulatory approvals and is expected to be finalized within the next 45 days.
"After acquiring DyStar this summer, we moved very quickly on this strategic addition, which provides substantial competitive value," said Brian Wall, Platinum Equity's managing director, Europe. "The addition of Rotta's chemical auxiliaries and related expertise will perfectly complement DyStar's comprehensive textile-dyes offering."
When Platinum acquired DyStar in August, Founder and CEO Tom Gores said the firm's M&A team would aggressively pursue additional opportunities. Mr. Wall said the Rotta acquisition is a result of that mandate.
"Tom placed a high priority on identifying complementary acquisitions for DyStar, and Rotta Group is a great example of what we're looking for - businesses that add value to the world's premier provider of textile dyes and service," Mr. Wall said.
Rotta, based in Germany, manufactures pretreatment chemicals, dyeing auxiliaries and products for resin finishing, coating, the treatment of wool and garment finishing. It also markets auxiliaries used in the paper industry and leather finishes for automotive trims, furniture and shoes. Rotta is a global business with 1,300 customers in 80 countries worldwide and production facilities in Germany, France, Italy, Turkey, China and Brazil.
"Rotta is an established supplier with an excellent reputation and proven products, making this a valuable addition for DyStar," said Dr. Clemens Willee, CEO for DyStar. "We will now be able to offer customers a complete package comprising textile auxiliaries and colorants. That's a substantial development for our company, and we view it as a critical first step in expanding DyStar's product portfolio to better align with the dramatic changes occurring in the textile industry."
DyStar, headquartered in Frankfurt, Germany, manufactures, sells and distributes dyestuffs to the fashion and textile industries. It also provides related services including supply chain management and research and development into new dye products. The company has approximately 3,900 employees and sales or manufacturing operations in more than 20 countries in Europe, Asia, Africa and the Americas. It posted sales of approximately US $1 billion (EUR 800 million) in 2003.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O(SM) firm specializing in the merger, acquisition and operation of mission-critical services and solutions companies. Since its founding in 1995, Platinum Equity has acquired more than 40 businesses and built a portfolio of companies with more than 38,000 employees, more than 600,000 customer sites and annual revenues of $8 billion. Platinum Equity is the 32nd largest private company in the United States.