Black Diamond to become Polynt-Reichhold's controlling shareholder

(Reuters) – Black Diamond Capital Management said on Friday it will become the controlling shareholder in Polynt-Reichhold after the chemicals company agreed to repurchase buyout fund Investindustrial’s shares.

Italy-based Polynt-Reichhold was formed in 2017 by combining Investindustrial-owned Polynt and Black Diamond Capital-backed Reichhold.

Black Diamond Capital Management said the deal, plus the refinancing of existing debt, would be financed by approximately 1.3 billion euros ($1.54 billion) of new senior secured and unsecured debt facilities.

Sources told Reuters in October that Investindustrial was gearing up to sell Polynt-Reichhold in a deal worth up to 2 billion euros.

($1 = 0.8447 euros)

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