Petropar Buys UK Hygiene Business

Fiberweb, a British non-woven fabrics supply company, has agreed to sell its hygiene business to Brazilian polypropylene products manufacturer Petropar for $286m. Petropar is offering $260m in cash once the transaction closes, with an additional $26m in guaranteed notes payable by December 31, 2012. As priced, the deal represents an enterprise value of $368m or a multiple of 6.2x 2010 Ebitda, the company said in a statement. Lazard advised Fiberweb. The British fabrics company sought to sell its hygiene unit to raise enough cash to cover existing net debt which stood at GBP145m ($233m). It also wants to increase investment in its operations.