29 June, 2018 – Advent International, one of the largest and most experienced global private equity investors, today announced that it has entered into an agreement in principle in relation to the proposed sale of Mondo Minerals (“Mondo”) to Elementis plc (“Elementis”) for USD $600 million.

Mondo is a leading European talc performance minerals business, headquartered in Amsterdam, with operations across Finland and the Netherlands. Mondo produces and supplies high quality and innovative talc products for use in a diverse range of end-markets, including plastics, coatings and paints, technical ceramics, pharmaceuticals and paper.

Advent acquired Mondo in October 2011 and with its support, the company has gone through a major phase of investment and business transformation, focused on expanding its capabilities in several high-end industrial applications. As a result, industrial talc applications now represent c. 80% of Mondo’s sales.

Michael Ogrinz, Managing Director at Advent International, commented: “The significant transformation of Mondo under Advent’s ownership is a case study for our resource-intensive and hands-on operational approach to investing. Together with Mondo’s talented management team we have positively transformed the business and put it on a trajectory to continue its rapid growth as part of the Elementis family.”

Dr. Christian Kather, Chief Executive of Mondo Minerals, said: “I want to thank Advent for the strong support they have provided us with over the recent years. We have worked as an integrated team with a clear vision of what Mondo should become and through active management, significant investments and a relentless focus on our customers and their needs, we have successfully delivered on this vision. We are excited to continue our successful journey as part of the Elementis group, now benefiting from their global footprint and differentiated expertise across the specialty chemicals value chain.”

The transaction, which is subject to approval by the shareholders of Elementis, consultation with Mondo’s works council and receipt of the required anti-trust approvals, is expected to close in the second half of 2018.