A reliable source within TFL would not comment to ILM on the price of the sale but did confirm that the sale had taken place. “The deal is for the complete TFL Group and includes all TFL affiliates. TFL will operate in the same manner as before and keep its high standard in the market. We consider ourselves as well positioned in the market and we will retain our position as market leader”, said the TFL source.

TFL were sold on behalf of creditors seeking debt repayments taken on under the ownership of private equity firm Odewald & Cie. Andreas Ziegenhagen is the trustee overseeing the sale, advised by Leonardo & Co. Odewald bought TFL, which has annual sales of about €240 million, from Permira Advisers in 2003 for an undisclosed price.

Founded in 1995, Black Diamond Capital Management, (Black Diamond) is a privately held asset management firm, with offices in Greenwich, CT, and Lake Forest, IL, USA. They also have offices in London.

They have experience in the credit, distressed debt and private equity markets. Black Diamond’s investment professionals manage more than $11 billion in assets, across the company’s four lines of business: Control Distressed/Private Equity, Hedge Fund, Mezzanine Funds and CLOs and other structured vehicles.

Black Diamond’s website says that the company makes money by managing multiple vehicles that focus on investing in debt securities and by having a consistent core approach to investing.

TFL supply the whole range of leather chemicals and are headquartered in Weil am Rhein in Germany and Huningue in France. The company employ around 950 people worldwide. Dr Peter Amann and Eugen Katzenstein will continue as joint Presidents of the Group.

TFL also have a technical leather academy and laboratory facility in Montebello, Italy, as well as major service centres and laboratories in China, Brazil and India.