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Sovereign Specialty to Be Sold to Investor Group

Published on 2002-03-27. Author : SpecialChem

Sovereign Specialty Chemicals, L.P., the parent partnership of Sovereign Specialty Chemicals, Inc., has signed an agreement to sell 75% of its 100% ownership stake in Sovereign Specialty Chemicals, Inc., to an investor group led by AEA Investors Inc. The remaining 25% of the company will continue to be owned by other investors, including Sovereign's current management team.

The transaction is expected to close within the next 60 days and is subject to customary closing conditions.

AEA Investors Inc. is an international private equity firm, supported by industrial families and chief executives of major corporations from around the world.

Sovereign Specialty Chemicals is a leading manufacturer and marketer of adhesives, sealants and coatings for various industrial and consumer applications. Since its inception in early 1996, Sovereign has grown its revenues to approximately $250 million through a combination of organic growth and several acquisitions. Sovereign was founded with funding from a limited partnership that included Waud Capital Partners and Robert Covalt.

J.P. Morgan served as exclusive financial advisor to Sovereign on this transaction.

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