2 Min Read
Sept 1 (Reuters) - Arclin Inc, a maker of resins and other construction-related materials, has hired investment bank Credit Suisse Group AG to explore a sale that could value it at around $800 million, according to people familiar with the matter.
An auction for Arclin, which has annual earnings before interest, tax, depreciation and amortization of around $100 million, is already under way, the people said on Tuesday, asking not to be identified because the sale process is confidential.
Spokespeople for Arclin and Credit Suisse did not immediately respond to requests for comment.
Based in Roswell, Georgia, Arclin provides surfacing materials for decorative panels, building products, and industrial specialty applications for North American and export markets. It has 11 production facilities in the United States and Canada.
Arclin has been majority owned by its former creditors, investment firms Black Diamond Capital Management LLC and Silver Point Capital LP, since it emerged from bankruptcy protection in 2010.
In 2012, Arclin acquired the North American operations of Coveright Surfaces, a producer of surface materials for the furniture, flooring and building industries.
Reporting by Greg Roumeliotis in New York; Editing by Cynthia Osterman