Carlyle Starts Work on IPO of $3 Billion Nouryon Unit
(Bloomberg) -- Carlyle Group Inc. is starting preparations for an initial public offering of its specialty chemicals firm Nouryon’s industrial unit, according to people familiar with the matter.
The U.S. private equity firm has begun internal work on a possible IPO of the business, which produces chemicals used in everything from vehicles to swimming pools, the people said.
A listing could come as soon as the second half of this year, one of the people said, asking not to be identified discussing confidential information.
Carlyle has picked U.S. advisory firm Solebury Capital to help with the listing plans and more banks could be added to the roster at a later date, the people said.
No final decisions have been made and details of the planned offering could change, according to the people. A representative for Carlyle declined to comment, while spokespeople for Nouryon and Solebury didn’t immediately respond to requests for comment.
An IPO could value the unit at $3 billion or more and be a precursor to an eventual exit from Nouryon by Carlyle, Bloomberg News reported last year.
Carlyle acquired Netherlands-based Nouryon from Akzo Nobel NV in 2018. The company posted revenue of 4.7 billion euros ($5.7 billion) in 2020 and adjusted earnings of around 1.2 billion euros, according to its website.
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