Downer & Company LLC

Downer & Company Advises on Sale of Wellman International Limited to Aurelius AG


Boston, MA -- (ReleaseWire) -- 07/31/2007 -- Downer & Company, an international investment banking firm specializing in mid-market cross-border acquisition and divestiture advisory services, is pleased to announce that Wellman, Inc., has sold Wellman International Limited (“WIL”)–its European fibers and recycling businesses–to Aurelius AG of Germany for $38 million. Downer & Company acted as sole financial advisor to Wellman on this transaction which closed on July 26, 2007.

WIL is Europe’s largest recycler of post-consumer PET bottles and the leading European producer of polyester staple fibers (“PSF”). With headquarters and a PSF production facility in Mullagh, Ireland, and recycling plants in the Netherlands and France, WIL has the capacity to produce approximately 185 million pounds of fiber primarily using post-consumer recycled materials. The fibers are used in a wide range of applications including personal hygiene, upholstered furniture, loose-filled bed products, car interior trim and industrial uses.

Thomas M. Duff, Wellman’s Chairman and Chief Executive Officer, said in a company statement, “The sale of this business reflects our strategy to focus on our U.S. chemical-based business.”

Dick Budden, Managing Director of WIL, stated, “We are pleased with the result of Wellman’s investigation of strategic alternatives for our business. With the support of AURELIUS we shall continue providing first class products and service to all our customers, and have the resources to expand our business, both in fibers and in recycled materials for other applications.”

Jeff Robards, Vice President with Downer & Company, added, “Downer’s international capabilities helped Wellman to manage not only the complexities of divesting a foreign operation, but also to effectively coordinate the interaction with multiple potential buyers located across the globe, including European, Asian, and North American firms. Our proven cross-border divestiture process ensured a positive outcome for Wellman with minimum disruption to WIL and its employees.”

Downer & Company’s senior international transaction team for the Wellman divestiture included Jeff Robards (Vice President, Boston), Emmanuel Wydooghe (Director, Paris), Philip Smith (Director, Dublin) and Wade Aust (Managing Director, Boston). Additional team members included Loren Heinold (Associate, Boston), Michael Schenck (Analyst, Paris), Nicolas Vienot (Analyst, Paris) and Charles Chevallier (Associate, Paris).

About Aurelius AG
AURELIUS AG, Munich ( acquires mid-sized companies and corporate spin-offs which are no longer part of the core business of the previous owner. AURELIUS acquires companies even when they are in difficult and complex situations and actively grows and develops them.

About Wellman, Inc.
Wellman, Inc. manufactures and markets high-quality polyester products, including PermaClear® brand PET (polyethylene terephthalate) packaging resin and Fortrel® brand polyester fiber. For more information, visit

About Downer & Company
Since its inception in 1975, Downer & Company, LLC, has gained distinction as a leading middle-market M&A firm focused on the execution of acquisition and divestiture mandates for international and domestic corporations and private equity firms. Downer & Company is headquartered in Boston, Massachusetts, and has offices in Paris, Dublin, Frankfurt and Sydney. Downer & Company received an award for transacting the “International Cross-Border Deal of 2004” and was recognized as the top Investment Banking Firm of 2003 by The Mergers & Acquisitions Advisor. Downer & Company's corporate headquarters are located at 60 State Street, Boston, MA 02109. For further information, visit