EUROPEAN COMMISSION

DG Competition

Only the English text is available and authentic.

REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 24/08/2021

In electronic form on the EUR-Lex website under document number 32021M10415

EUROPEAN COMMISSION

Brussels, 24.08.2021 C(2021) 6326 final

PUBLIC VERSION

Black Diamond Capital Management L.L.C. th 2187 Atlantic Street, 9Floor CT 06902 Stamford United States of America

Dear Sir or Madam,

1.1. On 2 August 2021, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which Black Diamond Capital Management L.L.C. (‘Black Diamond’, US) acquires within the meaning of Article 3(1)(b) of the Merger Regulation sole control over the whole of Specialty Chemicals International B.V. (‘Specialty Chemicals’, the Netherlands) by way of purchase of shares.

2. The business activities of the undertakings concerned are:

- for Black Diamond: an investment advisory firm with a focus on four investment areas: (i) control distressed/private equity funds; (ii) hedge funds; (iii) a non-control stress/distressed closed end fund; and (iv) collateralised loan obligations. Black Diamond currently holds joint control over Specialty Chemicals,

- for Specialty Chemicals: holding company for Polynt-Reichhold, active in the development, production and distribution of speciality chemicals and performance chemicals, specifically unsaturated polyester resin, chemical intermediates (anhydrides), related commodities (plasticisers), specialties (thermoset compounds), and resins for composites and coatings.

1OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’). With effect from 1 December 2009, the Treaty on the Functioning of the European Union (‘TFEU’) has introduced certain changes, such as the replacement of ‘Community’ by ‘Union’ and ‘common market’ by ‘internal market’. The terminology of the TFEU will be used throughout this decision.

2OJ L 1, 3.1.1994, p. 3 (the ‘EEA Agreement’).

3Publication in the Official Journal of the European Union No C 321, 10.08.2021, p. 6.

Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel, BELGIË

Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu.

intermediates (anhydrides), related commodities (plasticisers), specialties (thermoset compounds), and resins for composites and coatings.

4.3. After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraph 5(d) of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004.

4. For the reasons set out in the Notice on a simplified procedure, the European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of the Merger Regulation and Article 57 of the EEA Agreement.

For the Commission

(Signed) Olivier GUERSENT Director-General

4OJ C 366, 14.12.2013, p. 5.

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