March 2, 2018 / 10:32 AM / 22 days ago

Coating materials maker IGM Resins put up for sale: sources

FRANKFURT (Reuters) - IGM Resins, a Dutch manufacturer of materials for coatings, inks and adhesives, has been put up for sale by its private equity owner in a potential 500 million euro ($614 million) deal, people close to the matter said.

New York-based Arsenal Capital Partners has authorized investment bank Moelis (MC.N) to organize the auction, which is expected to launch in the coming weeks, the sources said.

Arsenal was not available for comment. Moelis declined to comment.

Peers as well as private equity groups will be targeted in the sale, the sources said.

IGM Resins’ rivals include Advent-owned Allnex, France’s Arkema (AKE.PA) and Netherlands-based DSM (DSMN.AS). It was unclear whether any of them would bid for the company.

IGM Resins was founded in 1999 as a one-man chemical company start-up.

    It produces photoinitiators, monomers, oligomers and additives. Arsenal bought a majority stake in 2012.

    In 2016, IGM bought a BASF (BASFn.DE) unit making photoinitiators, which are used in radiation-curing formulations in various industries.

    Reporting by Ludwig Burger and Arno Schuetze; editing by Tom Balmforth

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