Lion Chemical Capital, LLC, with offices in Houston and New York, announced yesterday the closing of the sale of its portfolio company Excel Polymers, LLC to HEXPOL AB for approximately $220 million after adjustments. HEXPOL is a world-leading polymer materials group headquartered in Sweden. Lion's investors received a return of greater than 4x on the Excel investment.
The company was originally purchased from PolyOne Corporation in 2004 where it was viewed as a non-core asset. Through the efforts of an excellent management team and an active Board of Directors, many strategic and operational changes were made that resulted in a strong and growing earnings history. HEXPOL will now become the leading merchant elastomer compounder worldwide with addition of the excellent team at Excel. Benesch provided legal counsel on the transaction.
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