Vision Capital snaps up Terphane for $100m

Vision Capital, a UK private equity house, has acquired Terphane, a Brazilian company that makes polyester films, from the bondholders that took the company over this year.

The deal, valuing São Paulo-based Terphane at about $100m, will be announced on Thursday as Vision Capital unveils the opening of its new office in New York.

Vision Capital, which boasts Goldman Sachs as its biggest investor, was created in 1997 and has built a reputation for acquiring non-core businesses from corporate groups, financial institutions and other private equity groups.

It is buying Terphane, which makes plastic and metallic films and foils for food packaging and industrial products, from a group of about 30 bondholders, who took it over from Rhône Capital, the US buy-out group, this year. Vision Capital’s new US office, which will be base to about five people out of its 35-strong team, will seek investments in the Americas.

Its earlier investments in the Americas include Elegant Hotels, a chain of five Barbados hotels, and Kinectrics, the Canadian nuclear testing group.