Fri, 19 Nov 2010 | BUSINESS SALE
Precision alloy die-castings business Dynacast may soon be put up for sale by its owner, engineering buyout firm Melrose.
Melrose, formed in 2003 to buy, repair, then sell struggling industrial companies, has brought in Rothschild to advise on the sale. The asking price is expected to exceed £350 million.
Dynacast was acquired along with another manufacturer McKechnie in a £429 million deal with Cinven in 2005. Dynacast makes zinc, magnesium and aluminium alloys, and supplies to various markets including consumer electronics, telecoms and automotives.
The informal sale news comes as Melrose’s trading results were ahead of expectations for its third quarter. Its equity has been valued at £1.5 billion on the back of a jump in the value of its shares.
Private equity outfits Advent, Bridgepoint, Permira, Montagu and 3i are to receive the marketing material for the sale shortly.
Dynacast generates profits of £40 million per annum, and accounted for about one fifth of Melrose’s total turnover for the six months to the end of June.
Altium Securities analyst Steve Medlicott said Dynacast “looks ready to be sold albeit this is not mentioned in the statement.”
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