Apex Polymer Solution (Pty) Ltd

The directors of Spirit Capital (Pty) Ltd are pleased to announce the acquisition of a majority interest in Apex Polymer Solution (Pty) Ltd (Previously Lucite International South Africa (Pty) Ltd).

Nature of business

Lucite International South Africa is the sole manufacturer of cast acrylic sheet in South Africa. Cast acrylic sheet is used in the Saniware (bath) and General Purpose (signage, point-of-sale, glazing etc.) markets, and is sold locally under the “Perspex” brand. Lucite International South Africa also imports and distributes methyl methacrylate which is primarily used in the coatings industry.

Rationale for transaction

Lucite International UK Holdco Limited made the decision to dispose of its interest in Lucite International South Africa to focus on its core business, being the distribution of methyl methacrylate and related products.

Spirit Capital took the opportunity to invest in the only manufacturer of cast acrylic sheet in South Africa. This decision was strengthened by Perspex’s exceptional brand name, market share and growth profile.

Terms of the transaction

Spirit Capital has acquired a majority interest in Lucite International South Africa with effect from 7 January 2008. The terms of the transaction remain confidential.

January 2008 - Johannesburg

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