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Vision Capital Acquires Brazil’s Terphane for $100M

30 September 2010

(Vision Capital) September 30, 2010 – Vision Capital announces the opening of its New York office and completion of its acquisition of the assets of Terphane, a leading  Brazilian manufacturer of specialty polyester films, from a syndicate of financial investors.

[The Financial Times reported that the U.K. private equity house bought Brazil’s Terphane for $100M.]

Vision Capital has invested in the Americas since 2004 and has three existing portfolio companies in the region, which are now joined by Terphane.  The new office will enable Vision Capital to support its investments in the Americas more fully, to contribute to the development of new investment opportunities, and to promote ever closer relationships with its Americas based investors.

Terphane is the market leading producer of thin polyester films in South America with a growing niche position in the United States.  In both markets, the films are predominantly used to supply the global food packaging industry and have benefited from the trend towards more speciality value-added films being used in products such as metalised food pouch containers and yogurt lids.

This investment is being made by Vision Capital Partners VII LP, the firm’s latest fund which closed at €680m in January 2009.  It is in line with Vision Capital’s flexible mandate from its investors to acquire businesses that were non-core to their previous owners, and that have compelling strategies and growth potential with the benefit of an extended investment horizon and access to follow on capital.

Matthew Constantino, Managing Director at Vision Capital Americas, said:
“We are delighted to expand our presence in the Americas with both the New York office opening and acquisition of Terphane. Terphane represents an exceptional opportunity for us to invest in a market-leading, high growth business and we see significant other opportunities ahead.  Our aim is to further strengthen our established relationships to build out our investment portfolio across the region.

Renan Bergmann, CEO of Terphane, said:
“We are pleased to have Vision Capital as our new committed partner, supporting us in our strategic objectives and with a long-term view towards growth.  We look forward to working together to continue to deliver innovative packaging films expertise to our customers and partners.”