1. business and industrial
2. company
3. merger and acquisition

DEAL READER | Chemicals
The Chemicals Intermediary
Q1 2015 Edition
Q1 2015 Global Chemicals M&A Market Commentary
Key topics in this edition:



Global Chemicals M&A Outlook for 2015
Performance of the Chemicals Industry in Q1 2015
Market Commentary and Selected Transactions in Q1 2015



Impact of Sustained Low Crude Oil Prices on M&A Activity
Q1 2015 Key Chemicals Market Statistics
New Hire — Chemicals Director for German-Speaking Europe
Global Chemicals M&A Outlook for 2015
Andrew Karlin is a New Yorkbased Associate with Lincoln’s
Global Chemicals practice. He is
a graduate of Wharton Business
School and the Lauder Institute
for International Studies.
The global chemicals industry had a
moderate showing in Q1 2015 given
improved economic conditions, increased manufacturing activity and
robust automotive sales in key markets. However, the industry faced
headwinds from a harsh winter season, delayed shipments from West
Coast ports, weak Eurozone markets, a slowing Chinese economy
and major price declines in petrochemicals and plastics following the
plunge in oil prices. Chemicals companies should realize modest growth
and price hikes next quarter during
the spring construction season.
Global chemicals M&A activity
should remain fairly strong during
2015, drawing momentum from
2014, which was a busy year of dealmaking with 635 transactions completed globally at an aggregate value
of nearly US$78 billion. Despite the
collapse of oil prices and the overhang on oilfield services, M&A activity has been fueled by high backlogs,
strong buyer appetite, activist pressures, receptive public markets, low
o r ganic growth envir onm ents ,
healthy balance sheets and ready
access to capital.
In 2015, cash-flush chemicals companies will continue to hunt for —
and pay premium multiples for —
unique assets with high-growth potential, proprietary technologies and
defensible high-margin profiles. In
general, growth is now seen as more
attractive than high margins, with
1
buyers willing to pay higher multiples
for companies demonstrating highgrowth trajectories. Diversified chemicals are also keen to realign their
portfolios and shed non-core, lowmargin, low-growth or burdened
business lines. For instance, Dow
Chemical Co. announced that it will
divest most of its century-old chlorine
business to Olin Corp. in a taxefficient deal valued at US$5 billion.
In addition, DuPont Co. announced
that it will spin off its performance
chemicals business into a newly created public entity, Chemours Co.
Strategic and financial buyers remain
active in the current market given
significant capital availability from
cash on hand, liquid debt markets
and continued low interest rates.
Corporate balance sheets have
strengthened. According to the Federal Reserve, for instance, US corporates collectively had around US$2.1
trillion of cash on hand as of the end
of 2014. Trading multiples are high,
enabling buyers to pay attractive valuations using stock as consideration.
Further, in a break from past periods,
public markets are rewarding strategics that pursue thoughtful and disciplined inorganic growth strategies.
Private equity groups, in turn, continue to have more than US$500 billion
of cumulative dry powder to deploy.
Chemical commodities, specialty
materials, fertilizers and agricultural
chemicals, industrial gases and biotech substrates are expected to see
heightened M&A activity. Deal activity jumped in every chemicals segment in 2014 versus 2013, except for
industrial gases, which remained flat.
The commodities segment accounts
Lincoln International D E A L R E A D E R Chemicals
for the bulk of chemicals M&A activity — more than 60% — according to
data from Capital IQ. Following declining activity from 2011 to 2013, the
segment rebounded in 2014, with a
12.6% jump in completed transactions. Major deals included Westlake
Chemical Corp.’s US$666 million
acquisition of Vinnolit Holdings
GmbH from Boston-based private
equity firm Advent International at a
0.5x LTM revenue and 6.0x LTM
EBITDA multiple. Bavaria-based Vinnolit manufactures PVC products.
Another major deal was the acquisition of a 66% stake in Ciech SA for
US$797 million by Luxembourgbased private equity firm Kulczyk
Investments S.A. at a 0.9x LTM revenue and 6.9x LTM EBITDA multiple.
Warsaw-based Ciech produces and
distributes commodity chemicals,
such as soda ash, baking soda and
polyester resins.
Deal activity in the commodities segment is likely to remain hot in 2015
given ongoing corporate realignment
and portfolio changes. Diversified
chemicals players are shifting their
focus from commodity chemicals to
higher value-added product offerings. Activist shareholders have
urged diversified chemicals companies to streamline. Take, for instance, the spirited campaign by Nelson Peltz of Trian Fund Management
to break up DuPont Co.
The specialty materials and agricultural chemicals segments are set to
outperform this year as well, driven
by increased buyer appetite and a
heightened need to achieve higher
agricultural productivity and sustainability around the world. ■
www.lincolninternational.com
Q1 2015
© 2015 Lincoln International LLC
Guest Columnist — Slowing Momentum in Q1 2015
Richard O’Reilly, CFA,
is a chemicals analyst
who writes for Revere
Associates. Previously,
he served as Associate
Director at S&P in its US
Equity Research —
Chemicals Division.
Business conditions for the US chemicals
industry modestly strengthened during
Q1 2015. At the start of the earnings
season, we expect most chemicals companies to report modestly higher earnings for Q1 versus the year ago period.
As expected, however, Dupont Co. has
reported lower EPS, and we project Dow
Chemical Co. to report lower EPS as
well. Dupont Co. and Dow Chemical Co.
are the two largest US chemicals companies by sales. While lower selling prices
should impact, to various degrees, makers of petrochemicals and plastics, margins in Q1 for specialty chemicals producers were generally helped by the drop
in commodity prices, and we expect a
greater impact in Q2.
Headwinds such as slow European markets will likely limit results for companies
with exposure to that region, while the
rapid strengthening in Q1 of the US dollar against key foreign currencies (up
12.7% versus the euro) will also have a
greater negative impact than had been
anticipated in early 2015 for companies
with foreign operations and export customers. Negative impacts from the drop
in oil & gas prices on companies depend
on their individual exposures to energyrelated customers and markets. The negative factors of the stronger US dollar,
sluggish European economies and lower
selling prices have continued into April.
In a sign of possible broader industry
earnings disappointment for the first
quarter and full year, several companies
in late March, including Airgas, Inc. and
H.B. Fuller Co., reported or warned of
lower than previously expected sales and
earnings. In late March, the American
Chemistry Council (ACC) reported that its
Chemicals Activity Barometer (CAB), a
macroeconomic indicator based on
chemicals industry data, on a threemonth moving average basis, was unchanged in March following gains in the
prior two months. The ACC noted that
the index in March signaled slow gains in
US business activity through Q3 2015.
The global manufacturing sector, the
most important market for the chemicals
industry, continued to expand at a modest, but steady pace each month of Q1,
2
according to monthly worldwide PMI surveys. The US manufacturing sector also
appeared to continue to slowly strengthen each month during Q1. According to
the Institute for Supply Management’s
monthly reports for manufacturing activity, the pace of expansion of the US manufacturing sector moderated during the
first quarter, with March having the slowest growth in more than a year, in part
due to greater impacts from the recent
downturn in the energy sector and of the
stronger US dollar on exports.
The ISM reports for Q1 indicated that the
chemicals industry grew each month,
including for production and new orders,
although export orders declined each
month, a sign of the impact the stronger
dollar is having on the US industry. Railcar loadings suggest shipment comparisons grew only modestly in Q1. According to the Association of American Railroads, US chemicals railroad carloads for
Q1 increased 1.8% year-over-year, the
strongest quarterly gain since Q2 2014,
led by healthier shipment gains early in
Q1 as March declined 0.4% from the
year earlier month. For 2014, shipments
increased 1.2%. Railroads carry about
30% of industry shipments.
Industry production of chlorine was greater in January and February versus the
comparable year-earlier months, resulting in year-to-date output rising 2.2%.
Both production and sales of plastic resins for the first two months of 2015 were
up slightly. Selling prices for petrochemicals continued to decrease during Q1,
following the sharp decline in oil and related feedstock prices in late 2014. This
drop in oil prices has also narrowed the
feedstock cost advantage US petrochemical producers have enjoyed versus oillinked (naphtha) competitors.
The domestic monthly contract price for
ethylene, the largest volume petrochemical monomer, decreased for six consecutive months since September, with March
at its lowest since August 2009, in large
part due to lower global prices and the
restart of industry capacity following unusual production issues in 2014. The contract price in Q1 averaged 22% below Q4
2014 and 28% under Q1 2014. Ethane, a
major raw material for US makers of ethylene, in Q1 averaged lower than in previous quarters, helping to partly offset the
negative impact on ethylene margins
from the decline in selling prices. The
relatively low price of domestic ethane
has given US producers a cost advantage relative to other global regional
competitors.
Lincoln International D E A L R E A D E R Chemicals
Domestic prices for major derivative plastics also declined during Q1 but at a pace
less than that for ethylene. Polyethylene
decreased for four consecutive months
since October before being unchanged in
March as demand firmed. Major producers have announced a price increase for
May that may have some success. The
recent decline in selling prices will likely
hurt makers such as LyondellBasell Industries and Westlake Chemical Corp.
We believe that polyvinyl chloride prices,
which also declined during Q4 and in
January driven by lower ethylene prices,
experienced an increase in March after
vinyl producers announced a series of
price hikes ahead of the start of the important spring construction season. Vinyl
producers include Axiall Corp. and
Westlake Chemical Corp.
Contract prices in Q1 for propylene, the
second largest volume monomer, averaged almost 30% lower sequentially. The
monthly prices fell a total of about 36%
over the November through January period; prices for last October were at their
highest level since early 2013. After a
modest rise in February, contract prices
declined for both March and April to the
lowest level since 2009. These sharply
lower prices have resulted in reduced
prices, at least temporarily, for derivatives products to buyers such as paint
makers
(including
Sherwin-Williams
Company, PPG Industries Inc. and
Valspar Corporation).
Inorganic prices, in contrast, were generally steady in Q1 2015. We believe that
caustic soda contract prices were unchanged, as an announced price increase was unsuccessful, following a
modest increase achieved in late 2014.
Producers will again push a price increase that has been proposed for Q2 in
anticipation of tighter industry conditions.
Chlorine prices during Q1 remained relatively unchanged. We expect chlorine
prices to stay steady early in Q2 2015,
but producers may realize some success
in their announced Q2 price hikes, the
first such attempted price hike for chlorine since a failed attempt last year. Dow
Chemical Co., Olin Corp. and Axiall Corp.
are major chlor-alkali makers. ■
This section reflects the views of Richard O’Reilly, CFA, who
writes for Revere Associates. Mr. O’Reilly is not employed or
compensated by Lincoln International, and the views set forth
in this section are those of Mr. O’Reilly and should not be
assumed to reflect those of Lincoln International.
Richard O’Reilly, CFA
Managing Analyst — Revere Associates
732-821-5043, [email protected]
www.lincolninternational.com
Q1 2015
© 2015 Lincoln International LLC
Market Commentary and Selected Transactions in Q1 2015
Global chemicals M&A activity in Q1
2015 remained steady following a
busy year of deal-making in 2014.
There were 133 chemicals M&A
transactions announced in Q1 2015,
a slight drop in volume compared to
the 148 chemicals M&A transactions
announced in Q1 2014.
Several notable large transactions
were announced or closed this past
quarter, including the following:
 On February 3, 2015, Tronox US
Holdings Inc. signed a definitive
agreement to acquire Philadelphiabased FMC Alkali Chemicals,
Inc., which produces natural soda
ash, from FMC Corp. for US$1.64
billion in cash. The deal was completed on April 1, 2015.
 On March 15, 2015, A. Schulman
executed a definitive agreement to
acquire Citadel Plastics Holdings, Inc. from HGGC, LLC and
Charlesbank Capital Partners for
US$800 million in cash, representing 1.5x LTM revenue and 10.7x
LTM EBITDA. Illinois-based Citadel Plastics manufactures and distributes thermoplastic compounds
and thermoset resins used in appliances, housewares, healthcare
products, automotive, agriculture,
indoor and outdoor lighting, HVAC,
construction and other industrial
applications.
 On March 26, 2015, Olin Corp.
agreed to acquire the Chlor-Alkali
and Downstream Derivatives Businesses from Dow Chemical Co.
for US$5.105 billion, representing
8.0x LTM EBITDA. The deal is
structured as a Reverse Morris
Trust transaction in which Olin will
pay US$2.03 billion in cash and
US $2.2 billion in stock and assume liabilities of US$875 million.
As a result, Dow shareholders will
receive approximately 50.5% of
the shares in Olin, with existing
Olin shareholders owning approximately 49.5% of the combined
entity.
Numerous middle market chemicals
transactions were announced or
closed in the previous quarter,
3
including the following:
 On January 13, 2015, Merinos
Hali Sanayi Ve Ticaret A.S. announced a definitive agreement to
acquire a 51% majority stake in
Sasa Polyester Sanayi A.S. for
US$182 million.
Turkey-based
Sasa Polyester manufactures specialty polymers and chemicals,
including thermoplastic polyester
elastomers, plasticizers and polyethylene terephthalate solutions.
The implied revenue and EBITDA
multiple would be 0.5x and 7.2x,
respectively.
 On January 27, 2015, ALLETE,
Inc. signed a definitive agreement
to acquire an 87% stake in US
Water Services, Inc. from Excellere Partners for US$168 million,
representing a 1.6x LTM revenue
multiple. US Water provides chemicals and equipment for water
management and treatment to industrial customers across the US
The deal closed on February 10,
2015.
 On February 2, 2015, Schweiter
Technologies AG entered into a
definitive agreement to acquire
Polycasa N.V. from Aventas
Group for around US$130 million,
representing an LTM revenue multiple of 0.7x. Belgium-based Polycasa manufactures plastic sheets
for a range of applications. The
deal closed on March 31, 2015.
 On February 11, 2015, Grasim
Industries Limited agreed to acquire Aditya Birla Chemicals
(India) Limited for approximately
US$240 million — at a 1.3x LTM
revenue and 5.2x LTM EBITDA
multiple. India-based Aditya Birla
manufactures caustic soda lye,
liquid chlorine, hydrochloric acid,
sodium hypochlorite and aluminum
chloride for a wide range of applications.
 On February 17, 2015, Katakura
Chikkarin Company Limited
agreed to acquire Co-Op Chemical Co., Ltd. for nearly US$120
million — at a 0.5x LTM revenue
and 15.9x LTM EBITDA multiple.
Lincoln International D E A L R E A D E R Chemicals
Tokyo-based Co-Op Chemical
manufactures fertilizers, calcium
phosphate, phosphoric acid, industrial lime nitrogen and other chemical products.
 On March 19, 2015, New Yorkbased private equity firm SK Capital Partners announced a definitive agreement to acquire a majority stake in AEB SpA from Investindustrial and AEB executives. Italy-based AEB provides
fermentation products for winemaking as well as detergents and
sanitizers. The deal terms were
not disclosed.
 On March 26, 2015, Israel Chemicals Ltd. signed a definitive agreement to acquire the remaining
83.64% stake in Toronto-based
Allana Potash Corp. for approximately US$110 million. Allana Potash focuses on the acquisition and
development of potash properties
largely in Ethiopia.
From January 2013 to the end of Q1
2015, the LI Specialty Chemicals
index has outperformed the S&P 500
by 17%, whereas the LI Diversified
Chemicals index has underperformed the S&P 500 by 17%. Over
the course of Q1 2015, the LI Specialty Chemicals index has increased
nearly 7%, compared to around 3%
for the LI Diversified Chemicals index
and around 1% for the S&P 500.
The average TEV / EBITDA multiple
for large-cap specialty chemical firms
jumped to 14.1x in Q1 2015, up
nearly 17% when compared to Q1
2014. The average multiple for smallcap specialty chemical firms soared
to 11.8x, increasing more than 25%,
as compared to Q1 2014. The average multiple for diversified chemical
companies increased to 10.6x at the
end of Q1 2015, up more than 10%
when compared to Q1 2014. Multiples have expanded, as stock prices
have risen despite lukewarm financial performance. ■
Sources:
S&P Capital IQ; Mergermarket, FactSet MergerStat, Federal Reserve; analyst reports;
press releases; public filings
www.lincolninternational.com
Q1 2015
© 2015 Lincoln International LLC
Impact of Sustained Low Crude Oil Prices on M&A Activity
The price of crude oil has declined
by ~50% since the 52-week high in
June 2014 due to fundamental supply and demand dynamics.
On the supply side, the shale gas
revolution in the US has changed the
game for global oil & gas markets.
Enticed by $100+ per barrel oil prices, E&P companies began “fracking”
en masse. As a result, US crude oil
production has nearly doubled over
the last 7 years, reaching all-time
highs, and global production has expanded by ~10%. The Energy Information Administration estimates that
the US could become a net energy
exporter within the next five years,
projecting that US production will
reach 10.6 million barrels per day by
2020.
Recently, OPEC has decided to
maintain collective production at
more than 30 million barrels of oil per
day, and Western E&P companies
have been identifying or developing
vast reserves around the world. For
instance, UK Oil & Gas Investments
recently revealed that it discovered
up to 100 billion barrels of oil onshore near Gatwick Airport in South
England, although the firm noted
that, using current technology, it
could only recover 3-15% of the oil
under the ground. Nevertheless, by
2030, that could mean that the company could produce 10-30% of the
UK’s oil demand from within the
Weald area, more than making up for
dwindling oil production in Scotland’s
North Sea. In general, recently developed concepts, techniques and
technologies have provided cuttingedge data to help E&P companies
identify and map out potential oil resources in a comprehensive and reliable manner, prompting more targeted investment, higher hit rates and
higher production rates.
Middle Eastern oil production has
recovered quicker than expected
despite ongoing geopolitical turmoil.
Total output in Iraq has grown recently despite ISIS incursions, and
production in Libya has also risen. If
Iran and the West reach a nuclear
agreement by July 2015, additional
4
supply — up to 500,000 barrels of oil
per day — could gradually come onto an already oversupplied market.
Crude Oil Production (billions of BOEs)
On the demand side, while global
demand for oil has been increasing,
it has lagged the jump in supply. At
this point, the current surplus is more
than 1 million barrels per day, representing nearly 1% of the oil market.
This surplus is expected to continue
to grow to 1.4 million barrels per day
this year. Reserves in the US are
quickly filling up, with oil in storage at
the highest level it has been in at
least 80 years. Continued lackluster
activity across the Eurozone, Japan
and other regions has contributed to
fairly weak global oil appetite. Private
and public sector actors have been
investing in and developing technologies that minimize the use of oil.
Growth in demand has only averaged 630,000 barrels per day yearon-year, less than half of what analysts initially forecasted. Economists
also note that the correlation between global GDP growth and oil
demand has weakened.
World Oil Demand (billions of BOEs)
Oil prices have consequently plummeted, but in the face of these declines, OPEC has opted to increase
production, with Saudi Arabia pumping oil at a near-record rate of 10.3
million barrels per day. Overall,
OPEC boosted its average daily output to 31.49 million barrels in March,
up 1.2 million barrels from February.
Lincoln International D E A L R E A D E R Chemicals
Experts posit that this decision may
be a concerted strategy to retake
global market share and squeeze out
non-OPEC producers, many of which
face higher costs of extraction. Yet,
around half of non-OPEC oil production occurs at operating costs of less
than $20 per barrel, leading some
analysts to forecast that oil prices
could hit $20 in the near-term. Other
experts feel that OPEC is compelled
to continue to produce, as it faces
waning influence over the markets
and its member states.
Oil and Natural Gas Prices
Given these dynamics, it is likely that
the new normal for WTI spot prices
will be in the $48-$68 per barrel
range. In other words, this steep
price decline is likely not just a shortterm market blip.
What does cheaper oil mean for
chemicals M&A?
First, petrochemicals companies will
aim to capture additional margin from
reduced feedstock prices before
competitive pressures push pricing
back in line with costs. The correlation between oil prices and chemicals pricing is still developing. As a
result, in-process deals may be delayed given misalignment between
buyers and sellers on how to price
the potentially temporary added value. Second, E&P firms may be
tempted to go downstream to recapture margins, prompting vertical integration plays. At the same time, however, the volatility in oil prices has led
to a good deal of uncertainty in the
sector, which generally does not
bode well for M&A activity. ■
Sources:
International Energy Agency (IEA); US Energy Information Administration; public press;
analyst reports
www.lincolninternational.com
Q1 2015
© 2015 Lincoln International LLC
Q1 2015 Key Chemicals Market Statistics
FIGURE 1:
Chemicals Public Market Performance
(Q1 2013 — Q1 2015)
FIGURE 2:
Total Enterprise Value / EBITDA Multiples
(Q1 2014 — Q1 2015)
170%
16.0x
160%
14.1x
14.0x
TEV / EBITDA
150%
140%
130%
120%
10.0x
12.3x
12.1x
12.0x
9.6x
9.4x
10.0x
12.3x
12.2x
11.8x
10.6x
9.8x 9.4x
9.5x 9.3x
9.2x
8.0x
110%
6.0x
100%
4.0x
90%
Mar-14
LI Specialty Chemicals Index (1)
LI Diversified Chemicals Index (2)
S&P 500
Diversified (2)
FIGURE 3:
LI Index Chemical Industry — Revenues
($ in billions)
Jun-14
Sep-14
Specialty Large-Cap (3)
Dec-14
Mar-15
Specialty Small-Cap (4)
FIGURE 4:
LI Index Chemical Industry — EBITDA
($ in billions)
$16.8
$15.5
$94.4
$87.5 $87.8
$87.6
$14.0
$13.7
$91.1
$91.0
$15.3
$12.9
$15.1
$13.2
$14.3
$12.2
$10.7
$87.3
$87.1 $86.5
$83.8 $83.4
$11.4
$9.1
$83.7 $83.1
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015
FIGURE 5:
LI Index Chemical Industry — EBITDA Margins
FIGURE 6:
LI Index Chemical Industry — Cash on Balance Sheet
($ in billions)
17.6%
15.7%
16.0%
15.3%
17.8%
16.9%
16.5%
15.2%
$35.3
16.3%
14.1%
12.8%
13.8%
11.0%
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015
$26.2
$29.2
$27.6
$30.3
$32.0 $32.7
$31.5 $31.6
$28.1
$26.3 $27.3
$23.4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015
Note:
(1) LI Specialty Chemicals Index: ALB, APD, ARG, CBM, CYT, ECL, FOE, FUL, GRA, IFF, NEU, OMG, PPG, RPM, SHLM, SIAL, SXT, VAL
(2) LI Diversified Chemicals Index: AKZA, ASH, BAS, CBT, CE, CLX, DD, DOW, EMN, FMC, HUN, MON, OLN, POL
(3) Large-cap group includes companies in the LI Specialty Chemicals Index with $4.0 billion or greater in market capitalization
(4) Small-cap group includes companies in the LI Specialty Chemicals Index with less than $4.0 billion in market capitalization
Sources:
S&P Capital IQ; public filings; Lincoln intelligence
5
Lincoln International D E A L R E A D E R Chemicals
www.lincolninternational.com
Q1 2015
© 2015 Lincoln International LLC
Highlighted Lincoln Chemicals Transaction Completed in Q1 2015
Lincoln Represents Caltius Equity Partners in the Sale of National Industrial Coatings
Lincoln, a leading global mid-market investment bank, is
pleased to announce that Caltius Equity Partners (“Caltius”)
has sold National Industrial Coatings (“Nicoat” or the
“Company”) to a private investment group. The terms of the
transaction were not disclosed.
Caltius is a closely held private equity firm that provides equity
capital in the amounts of $10 to $30 million to develop and
execute sound operational and growth strategies. The firm
takes a long-range perspective on value creation, with an emphasis on building lasting partnerships with visionary and ethical entrepreneurs. It was founded in 1999 by
Jim Upchurch and is based in Los
Angeles, California.
Nicoat is a premier formulator and manufacturer of coatings for
high-performance graphic arts, packaging and other specialty
coating applications. The Company’s comprehensive portfolio
of high-quality, innovative coatings solutions includes a combination of water-based (“aqueous” or “WB”), ultraviolet (“UV”)
and electron beam (“EB”) technologies. The technically superior coatings produced by Nicoat have a significant impact on
the visual appeal and performance characteristics of customers’ products. Over its 32-year existence, the Company has
earned a reputation for delivering premium, custom-formulated
products critical to its customers.
Lincoln acted as the exclusive financial advisor to Caltius and Nicoat,
working closely with the management
team and shareholders throughout
the sale process. The deal closed in
Q1 2015.
New Lincoln Hire — Chemicals Director for German-Speaking Europe
Matilda Schillo Joins Lincoln as Head of Chemicals in German-Speaking Europe
Lincoln is delighted to announce that it has
strengthened its Global Chemicals practice with
the appointment of Matilda Schillo as Director and
Head of Chemicals in German-speaking Europe,
including Germany, Austria and Switzerland,
based in its Frankfurt office.
based in Frankfurt. At UBS, she was responsible for advising
German industrial and private equity clients on buy- and sell-side
transactions, carve-out situations and financing assignments.
She was responsible for the coverage of German mid- and large
-cap chemicals clients, covering all areas of M&A, acquisition
financing, corporate lending and equities, with a focus on specialty chemicals. She has served German and international clients, including privately held entities, private equity-owned enterprises and publicly traded corporations. She began her career in
2001 in the Corporate Finance & Advisory Group of Dresdner
Kleinwort Wasserstein, where she focused primarily on M&A
transactions in the industrial sector in Germany and abroad. She
is a graduate of the European Business School (EBS), OestrichWinkel, Germany.
Since its launch in 2006, Lincoln’s Global Chemicals Group has
completed over 45 transactions worldwide. As one of the largest
groups in the middle market, it focuses on serving private equityowned, publicly traded and privately held companies.
Matilda Schillo, a senior M&A investment banking specialist,
brings substantial experience in chemicals. Prior to Lincoln, she
served for seven years at UBS in its Investment Banking Division
About Lincoln International
Lincoln International specializes in M&A advisory services, debt advisory services, private capital raising and restructuring advice on mid-market transactions. Lincoln International also provides fairness opinions, valuations and pension advisory services on a wide range of transaction sizes. With 16 offices in
the Americas, Asia and Europe, Lincoln has strong local knowledge and contacts in key global economies. The firm provides clients with senior-level attention, in-depth industry expertise and integrated resources. By being focused and independent, Lincoln serves its clients without conflicts of interest. More
information about Lincoln can be obtained at www.lincolninternational.com.
Officer Contacts in Lincoln’s Global Chemicals Group
THE AMERICAS
NEW YORK
Federico G.M. Mennella
Managing Director
Global Head
fmennella@
lincolninternational.com
+1 (212) 277-810
ASIA
SÃO PAULO
James Sinclair
Managing Director
jsinclair@
lincolninternational.com
+55 (11) 3078-7579
BEIJING
Joe Chang
Managing Director
jchang@
lincolninternational.com
+86 (10) 6535-0190
MUMBAI
Aamit Joshi
Managing Director
Head — Asia
ajoshi@
lincolninternational.com
+91 (22) 3304-0669
TOKYO
Tetsuya Fujii
Managing Director
tfujii@
lincolninternational.com
+81 (3) 5549-7681
EUROPE
AMSTERDAM
Eric Wijs
Managing Director
e.wijs@
lincolninternational.nl
+31 (20) 301-2266
6
FRANKFURT
Matilda Schillo
Director
Head — DAS Region
m.schillo@
lincolninternational.de
+49 (69) 9710-5477
LONDON
Mark Barrow
Managing Director
mbarrow@
lincolninternational.com
+44 (020) 7632-5211
MADRID
Ivan Marina
Managing Director
i.marina@
lincolninternational.es
+34 (91) 129-4996
Lincoln International D E A L R E A D E R Chemicals
MILAN
Saverio Rondelli
Managing Director
s.rondelli@
lincolninternational.it
+39 (02) 3030-0703
www.lincolninternational.com
MOSCOW
Andrei Joosten
Managing Director
a.joosten@
lincolninternational.ru
+7 (495) 705-9970
Q1 2015
PARIS
Jean-René Hartpence
Managing Director
jr.hartpence@
lincolninternational.fr
+33 (1) 5353-1821
© 2015 Lincoln International LLC