Relevant Document:
Financial Report 2020 (in German)
Silverfleet’s sale of German phenolic and amino resins manufacturer Prefere Resins is not running as smoothly as planned, sources told Reorg. The company appears to be in the final bidding round but sources said that its exposure to Russia could put the deal at risk, given the country’s invasion of Ukraine.
Prefere Resins is dependent on raw materials from Russia and serves Russian clients, the sources added.
Silverfleet put the manufacturer up for sale based on 2021 EBITDA of €45 million, according to sources. The private equity sponsor started to dissolve its portfolio mid-year 2021 following a failed fundraising campaign.
Direct lenders and private equity sponsors showed interest in the company but Russia’s invasion of Ukraine has made the transaction complicated, sources told Reorg.
Based near Berlin, Prefere Resins develops, produces and distributes phenolic and speciality amino resins which are used as binders across the construction, insulation and industrial sectors. The company operates production sites in the U.K., Finland, Germany, France, Poland and Romania as well as three R&D sites in Germany, Austria and Finland and four regional sales offices in the U.K., Germany, Finland and Austria. It employs more than 600 people, Silverfleet’s website stated.
In its fiscal year 2021, Prefere Resins generated revenue of €8.3 million and reported bank debt of €111 million, according to the financial report.
–Kerstin Kubanek