Close Brothers Private Equity (“CBPE”) announces that its portfolio company Minova International Ltd has acquired the remaining 50% shareholding in its German based European joint venture CarboTech Fosroc GmbH (“CTF”).

Minova International, formerly Fosroc Mining, was acquired by CBPE from Burmah Castrol, a subsidiary of BP for £32m in March 2003.

This is the second acquisition made by Minova following the acquisition of the US chemical products division of Sandvik in August 2003.

The acquisition of the CTF shareholding will mean Minova has 100% control of its five major operating divisions based in the United States, South Africa, Poland, Germany and Australia. It also has a leading position in the emerging Russian market.

Minova is recognised as the world leader in the supply of speciality chemicals to the global mining industry, with products including resin capsules, injection grouts, sealants and other consumables together with technical advice and support services to enhance efficiency and safety.

The price of the deal was undisclosed but funding for the transaction has been provided by Minova’s existing bankers Barclays Leveraged Finance.

CBPE Partner Sean Dinnen, who sits on the board of Minova International, said: “Minova has been a fascinating deal and has performed strongly since acquisition. This transaction, which further rationalises the company’s structure and the recent CTF deal, gives Minova full control over its global market position and development. A combination of applying our buy-and-build approach and preparedness on our part to undertake complex transactions is adding real value.”

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For more information contact:

Close Brothers Private Equity
Sean Dinnen
Tel: +44 (0) 20 7065 1132
Or email: sean.dinnen@cbpel.com

This press release has been issued by Close Brothers Private Equity LLP.