Ontex Group, an international provider of personal care solutions, has confirmed that it is in discussions with American Industrial Partners (AIP) about a possible transaction that could result in in a business combination with AIP’s portfolio company Attindas.
“Those discussions are at an early stage, and no agreement has been reached as to the structure or terms of any possible transaction. There is no certainty that any such agreement will be reached or, if so, on what terms,” stated Ontex.
The company disclosed these discussions in response to press speculation that the AIP was considering the possibility of an acquisition of Ontex.
AIP purchased Attindas’ personal care unit from Domtar for $920 million last year. Ontex considered purchasing the unit in 2020.
European investment firm Groupe Bruxelles Lambert SA currently owns nearly 20% of Ontex and may consider continuing to invest in the company regardless of any deal, according to reports. GBL has been studying the possibility of teaming up with a partner to take Ontex private.