Trinseo (NYSE: TSE), a global materials solutions provider and manufacturer of plastics, latex binders and synthetic rubber, today issued a statement welcoming Bain Capital’s successful sale of its remaining stake in the company. The sale, which was announced on September 19, 2016, concluded Bain Capital’s formal investment in Trinseo, and completes a process that began when Bain helped lead Trinseo’s corporate formation and subsequent IPO in June of 2014.
Bain Capital Everest Manager Holding SCA, the selling shareholder, sold its remaining ownership of 10,669,567 shares in Trinseo earlier this week. The selling shareholder received all the net proceeds from this offering. No shares were sold by Trinseo. Morgan Stanley acted as the sole book-running manager.
Trinseo’s statement from President and CEO Chris Pappas follows:
“The transaction represents a major milestone and reflects the hard work of every single Trinseo employee. It is only through their work that the firm has achieved outstanding results and built the company into a successful enterprise. We have had an exciting journey over the past six years – from carve-out and spin-off, to private equity ownership, to IPO on the NYSE, and now full independence as a public company. This moment is the culmination of the plans Bain Capital and Trinseo set forth, and it is truly exciting to see it realized.
“We are grateful for the strong confidence our shareholders and the investment community have placed in the company. As we look to the future, senior leaders are working diligently on growth plans for the company, exploring a variety of ways to invest our resources for the benefit of Trinseo’s customers, employees and shareholders. We see a bright future for Trinseo, as we continue life as fully independent, public company.”
Trinseo (NYSE:TSE) is a global materials solutions provider and manufacturer of plastics, latex binders, and synthetic rubber. We are focused on delivering innovative and sustainable solutions to help our customers create products that touch lives every day — products that are intrinsic to how we live our lives — across a wide range of end-markets, including automotive, consumer electronics, appliances, medical devices, lighting, electrical, carpet, paper and board, building and construction, and tires. Trinseo had approximately $3.7 billion in net sales in 2016, with 15 manufacturing sites around the world, and nearly 2,200 employees. For more information visit www.trinseo.com.
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