Texas Pacific Group

The need for timely and profitable exits for buyout firms has given rise to a growing secondary market for buyout transactions. Although they are historically less lucrative than both IPOs and trade sales, secondary buyouts have increased in importance and acceptance in recent years (Davison, C.). For example, Ripple-wood sold Kraton Polymers to the Texas Pacific Group in 2003 for USD 770 million and in 2004 Borden Chemical, held for nine years by KKR, scrapped its IPO plans and was sold instead to Apollo for USD 1.2 billion. 

A review of the situation in the USA leads to a similar conclusion. Fewer large deals were concluded between 1999-2004 than in Europe, but all have been successful. Noveon (formerly BFGoodrich Performance Materials) was acquired by an AEA-led consortium in February 2001 and sold in June 2004 to Lubrizol with a substantially higher valuation. Kraton Polymers, an LBO transaction concluded by Ripplewood in March 2001, was sold to the Texas Pacific Group in December 2003 with a good value uplift. 

Cookson s Polyclad Laminates subsidiary, one of the world s leading manufacturers of a full product spectrum of laminate and prepreg materials was recently acquired by the American Isola Group SARL for US 91 million ( 51 million). Isola is ultimately owned by the private equity Texas Pacific Group and Redfern Partners in the USA. 

Department of Chemistry, University of Houston, Houston, Texas, ( present address) High Performance Computational Chemistry Group, Environmental Molecular Sciences Laboratory, Pacific Northwest National Laboratory, Richland, Washington 993S2... 

This work has been carried out by a group at Texas Tech University, within the Department of Chemistry and Biochemistry and the Strategic Metals Recovery Research Center, under the leadership of Professor D. Max Roundhill. The effort there has focused upon developing both computational and experimental strategies related to the safe removal and processing of nuclear materials. The group has collaborative interactions with both LANL, in conjunction with the ANRCP, and the Pacific Northwest Laboratory (PNL). 

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