PVC maker Kem One acquired by Apollo Global Management

European PVC maker Kem One Group is being sold to investment firm Apollo Global Management for an undisclosed price.

The financial terms of the transaction were not disclosed.

Kem One has 1,400 employees and eight industrial sites located across France and Spain. The company makes PVC used mainly in construction, packaging, and medical applications, and caustic soda.

Kem One was created in 2012, as a spin-off of Arkema’s divested vinyl business group. Alain de Krassny, a French industrialist, became president of the company in 2014, and it has gone through a number of expansions since then.

“Alain has built Kem One into one of Europe’s leading chlorovinyls producers,” Samuel Feinstein, Partner at Apollo, said in a Sept. 14 news release. “At Apollo, we have a long track record in the industry and are excited to leverage our expertise and fund capital to support the talented team at Kem One in this next phase of growth.”

The sale to Apollo is expected to be finalized by the end of the year.