Bain Capital to exit Trinseo

Berwyn, Pennsylvania – Trinseo expects a deal in which Bain Capital Everest Manager Holding SCA will sell all its remaining shares in the polymer company to complete on 23 Sept.

In a statement to ERJ, a Trinseo official said Bain Capital, which bought Trinseo (then called Styron) from Dow Chemical Co. in 2010, was completely exiting the company: selling nearly 10.7 million shares.

The transaction is expected to complete before trading begins on 23 Sept on the NYSE.

“The sale, which was announced on 19 Sept, 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,” said Catherine Maxey, VP, public affairs, sustainability, and EH&S.

The selling shareholder, she noted, will receive all the net proceeds from this offering.

“No shares were sold by Trinseo and Morgan Stanley acted as the sole book-running manager,” she added.

Maxey also confirmed that Dow Chemical had also sold its shares in Trinseo, which it had retained since 2010 - concurrent with Bain’s exit.

Dow, she stated, was not involved in managing Trinseo’s business and no longer had any ownership of the company.

Trinseo, she concluded, is “very pleased to reach this milestone,”, adding that a statement from CEO Chris Pappas was expected today.