UPDATE: BC Partners, Bain, Goldman Sell Further Brenntag Stake

BC Partners, Bain Capital and Goldman Sachs Group Inc.'s (GS) private equity arm said Friday they had sold down a further 13.6% stake in German chemicals distributor Brenntag AG (BNR.XE) for EUR577.5 million.

The buyout trio, through acquisition vehicle Brachem Acquisition, sold 7 million shares at EUR82.50 each, and now have a combined stake of just below 14% remaining in Brenntag.

The funds bought Brenntag for more than EUR3 billion in 2006 with Bain and BC Partners having a 45% stake each and Goldman Sachs the remaining 10%. They sold an initial stake in the company when it floated in March 2010 at EUR50 a share.

The sales mean that Bain and BC Partners have made a 2.2 return on the cash put into the leveraged buyout and based on current market value their remaining stakes will add a further 0.7 to the money multiple.

Since its initial public offering in Frankfurt, and apart for just a week in May 2010, Brenntag's shares have traded well above its listing price. At 1215 GMT Friday they were trading at EUR84.84, down 2.2%.

-By Marietta Cauchi, Steffen Gosenheimer and Friedrich Geiger, Dow Jones Newswires; [phone]; [e-mail]