Law firm advises sale of polyester maker Advansa to US rival Invista.
Law firm Eversheds has advised European polyester fibre manufacturer Advansa on the sale of assets used in its polyester products businesses for apparel end-uses to Invista, owner of the LYCRA® fibre and COOLMAX® fabric brands.
The Eversheds team was led by corporate partner Alasdair Outhwaite, supported by intellectual property partner Adrian Toutoungi and associates Elizabeth Tindall and Atif Taher, and advised on all corporate, commercial and IP aspects of the deal.
“This was an extremely complex deal with an interesting history and many elements that needed to come together to ensure the successful completion,” said Alasdair Outhwaite. “The intellectual property aspect in particular added significant intricacy.”
Dr. Heinz Meirkord, chief executive of Advansa, said: “This transaction will significantly strengthen Advansa’s balance sheet and will allow us to focus on new investment opportunities as well as continuing to invest in and strengthen our ongoing retained businesses.”
Advansa was formed in 2005 as from DupontSA, a joint venture between Dupoint and Turkish holding company Haci Omer Sabanci.
Invista is one of the world’s largest integrated producers of chemical intermediates, polymers and fibres, owning brands including LYCRA, CORDURA and STAINMASTER.