William Blair & Company, in conjunction with its Asian affiliate BDA Partners (BDA), acted as exclusive financial advisors to Performance Fibers, Inc., an affiliate portfolio company of Sun Capital Partners, in connection with the sale of its Asian operations and brand name to Thailand-based Indorama Ventures (SET:IVL). Performance Fibers Asia, located in Kaiping, China, is the premier producer of tire fabric in Asia. The transaction closed on April 1, 2015, and demonstrates William Blair and BDA’s expertise in the specialty materials and chemicals sectors. Performance Fibers, Inc. changed its name to DuraFiber Technologies, Inc. upon closing and remains a portfolio company of Sun Capital Partners.
Deep relationships and sector expertise: Sun Capital Partners and Performance Fibers were attracted to William Blair and BDA’s specialty materials sector knowledge and global buyer relationships and access.
Cross-border execution: William Blair and BDA’s transaction team designed a tailored, international marketing process targeting principally multinational and Asia-based strategic and financial buyers. William Blair/BDA coordinated an international due diligence process across multiple languages and successfully led the negotiation of key transaction terms.
Trusted guidance: William Blair and BDA’s senior deal team was integrally involved in each step of the transaction process and facilitated an exceptional outcome for all shareholders. The combined William Blair/BDA platform allowed for seamless execution serving a cross-border private equity client (U.S.) and management team (Asia), while effectively communicating with potential buyers predominately located throughout Asia.
Highly strategic transaction: This acquisition represents the continuation of IVL’s strategy to strengthen its presence in high value-added (HVA) automotive safety applications. The acquisition of Performance Fibers Asia will also further vertically integrate IVL’s PET segment by providing a captive user of its PET for the global tire cord fabric market.
BDA Deal Team
Euan Rellie, Senior Managing Director, New York
Mark Webster, Managing Director, Shanghai
Lydia Xu, Director, Shanghai
Max Kubicki, Senior Associate, Shanghai
Andy Chen, Associate, Shanghai
About Performance Fibers
For nearly a century, Performance Fibers has been at the forefront of the industrial fibers and fabrics industry, developing next-generation technologies and products used in a wide variety of industrial and consumer applications, from tires and offshore mooring ropes to seat belts and sewing thread. The company serves some of the world’s largest and most critical industries including energy, transportation, and safety. www.performancefibers.com
About Indorama Ventures
Indorama Ventures Public Company Limited, listed in Thailand (SET: IVL), is one of the world’s leading petrochemicals producers, with a global manufacturing footprint across Africa, Asia, Europe, and North America. The company’s portfolio is comprised of necessities and HVA categories of polymers, fibers, and packaging and is based on selectively self-manufactured ethylene oxide/glycols and PTA where economical. Its products serve major players in consumer products, i.e., beverages, hygiene personal care and safety segments. IVL has 14,000 employees worldwide and consolidated revenue of $7.5 billion in 2014. www.indoramaventures.com
About Sun Capital Partners
Sun Capital Partners is a global private equity firm focused on identifying companies’ untapped potential and leveraging its deep operational and financial resources to transform results. Sun Capital is a trusted partner that is recognized for its investment and operational experience, including particular expertise in the consumer products and services, food and beverage, industrial, packaging, restaurant, and retail sectors. Since 1995, Sun Capital has invested in more than 315 companies worldwide across a broad range of industries and transaction structures. Sun Capital has offices in Boca Raton, Los Angeles, and New York, and affiliates in London, Frankfurt, Paris, and Shenzhen. www.suncappart.com
BDA Partners (“BDA”) is a leader in cross-border investment banking involving Asia. BDA advises on M&A, capital raising, and restructuring. BDA has been consistently owned and managed by the same team since 1996. BDA has a track record of providing independent advice to blue-chip corporate and financial sponsor clients from North America, Europe, and Asia. BDA is headquartered in New York with offices in London, Bahrain, Mumbai, Ho Chi Minh City, Hong Kong, Shanghai, Beijing, Seoul, and Tokyo. BDA was named M&A Advisory Firm of the Year at The ACG Champions Awards in 2014. BDA formed a partnership with William Blair & Company in 2011. www.bdapartners.com
For more information, please contact Euan Rellie in New York at +1 212 265 5300 or Mark Webster in Shanghai at +86 21 5407 5580.
BDA carries out its US securities business through BDA Advisors Inc., a broker-dealer registered with the US Securities and Exchange Commission (SEC) and a member of FINRA and SIPC. BDA’s UK subsidiary is authorised and regulated by the Financial Conduct Authority.