Bain Is Among Bidders for Indian Polyester Film Maker
Bain has been sounding out financing for the potential offer, which could value Polyplex at more than $1 billion including debt.
(Bloomberg) -- Bain Capital is among firms considering a bid for Indian polyester film manufacturer Polyplex Corp., according to people familiar with the matter.
The Boston-based buyout firm has been sounding out financing for the potential offer, which could value Polyplex at more than $1 billion including debt, said the people, who asked not to be identified as the information is private. The Mumbai-listed company has also attracted interest from other firms in the industry, the people said.
Considerations are at an early stage and Bain could decide against any deal, the people said. A representative for Polyplex didn’t immediately respond to requests for comment, while a representative for Bain Capital declined to comment.
Shares in Polyplex surged as much as 5.5% after the Bloomberg News report. The stock is still up about 1% as of 1:26 p.m. in Mumbai, giving the company a market value of about 55 billion rupees ($665 million).
Founded in 1984, Polyplex is the one of the biggest polyester film makers globally, according to its website. It has manufacturing facilities in India, Thailand, Indonesia, Turkey and the US, supplying to more than 2,600 customers across 75 countries. Polyester films are widely used for a broad range of industrial, electronic and automotive applications.
(Updates Polyplex shares in fourth paragraph.)
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