(Corrects spelling of SummitReheis in the headline and in
paragraphs 1 and 4)
Feb 10 British speciality chemicals maker
Elementis Plc said on Friday it would buy U.S.-based
SummitReheis from an affiliate of private equity firm One Rock
Capital Partners LLC for an enterprise value of $360 million to
expand its personal care business.
Elementis said the deal would increase the annual sales of
its personal care business to $200 million and boost its
adjusted earnings in the current financial year.
The deal will be funded from cash resources and new debt
facilities of $475 million, the company said.
SummitReheis makes personal care chemicals and counts
Procter & Gamble and Colgate among its clients.
(Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha