Black Diamond Capital Management has acquired TFL, a provider of specialty chemicals for the leather industry.
TFL’s business activities consist of the development, production and marketing of specialty chemicals such as tanning agents and dyestuffs which are used by tanneries in creating and processing leather. The company operates in 14 countries with 19 subsidiaries on three continents and has over 950 employees. TFL is headquartered in Weil am Rhein, Germany (near Basel, Switzerland) (www.tfl.com).
“This transaction significantly strengthens TFL’s balance sheet as the company now has virtually no debt,” said Les Meier, Principal at Black Diamond. “TFL creates customer loyalty with new ideas and innovative concepts and we are excited to be able to work with the current management to continue this path and further grow TFL’s customer and product base.”
Black Diamond Capital Management invests in performing and distressed markets through the following four platforms: control distressed/private equity; hedge fund; mezzanine funds; and CLOs and other structured vehicles. The firm was founded in 1995 and employs more than 80 people across multiple offices, including Greenwich, CT; Lake Forest, IL; and London, UK (www.bdcm.com).
“This transaction allows us to move forward seamlessly to continue to offer our customers first-rate products, solutions and technical support, while at the same time providing us with the opportunity to become the preferred supplier,” said Eugen Katzenstein, Co-CEO of TFL. “It also allows us to continue to bring to market new ideas and innovative concepts with our extensive sales force, supported by our application centers for beamhouse, wet-end and finishing chemicals.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 9-12-13
