Black Diamond Capital Management is to become the controlling shareholder of the Polynt-Reichhold group, after investment group Investindustrial agreed to sell its stake for €1.3 billion. Affiliates of JP Morgan and Apollo Capital Management have provided unspecified equity commitments towards the deal, which should close within six months.

Black Diamond and Investindustrial became partners in Polynt-Reichhold after the two companies merged in May 2017. “In the years following the merger, the combined company’s performance has substantially improved,” claimed Investindustrial.