Singapore-listed Keppel Infrastructure Trust has kicked off a strategic review of local chemicals business IXOM.
The review was understood to come on the back of a few approaches from interested suitors.Lazard advised Keppel when it bought IXOM for about $1 billion from Blackstone in October, 2018.
But it won’t just be Lazard that would be pitching for the mandate. IXOM’s changed hands a couple of times in the past decade and is a business that many investment banks know well. Citi and Goldman Sachs sold it to Blackstone on Orica’s behalf, whileIXOM is chaired by Andrew Larke. At the time of its 2018 auction, it was a $133 million a year business on an EBITDA basis.
Global private equity firms TPG, Bain Capital, Blackstone and CVC have had success in chemicals businesses offshore, while potential strategic buyers could include US-listed Univar and Germany’s Brenntag. co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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