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News Breaks | | | | February 13, 2013 | | 08:47 EDT |  | MVC | MVC Capital announces sale of Summit Research Labs
MVC Capital announced the signing of a definitive agreement to sell one of its portfolio companies, Summit Research Labs, a specialty chemical company that manufactures and markets antiperspirant actives globally, to an affiliate of One Rock Capital Partners, subject to regulatory approvals and the satisfaction of other customary closing conditions, including an escrow. Assuming full realization of the closing conditions and escrow and the sale of SCSD, MVC Capital would receive gross proceeds from its equity investment of approximately $63M, that results in an estimated gross IRR of 31% since August 2006. The gross IRR includes all fees and distributions received from its equity position in Summit over the life of the investment. The transaction is expected to close prior to March 31, 2013. The company is expected to record an approximate gain of $47M from the sale of the portfolio company. | |
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