Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels,  24.08.2021  
C(2021 ) 6326 final  
PUBLIC VERSION  
Black Diamond Capital Management 
L.L.C.  
2187 Atlantic Street, 9th Floor   
CT 06902  Stamford  
United States of America  
Subject : Case M.10415  – BLACK DIAMOND / SPECIALTY CHEMICALS 
INTERNATIONAL  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 2 August 2021 , the  European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Black 
Diamond Capital Management L.L.C. (‘Black Diamond’ , US)  acquire s within the 
meaning of Article 3(1)(b) of the Merger Regulation sole control over the whole of 
Specialty Chemicals International B.V. (‘Specialty Chemicals’, the Netherlands)  by 
way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for Black Diamond: an investment advisory firm with a focus on four investment 
areas: (i) control distressed/private equity funds; (ii) hedge funds; (iii) a non -
control stress/distressed closed end fund; and (iv) collateralised loan obligations. 
Black Diamond currently holds joint control over Specialty Chemicals,  
 for Specialty Chemicals: holding company for Polynt -Reichhold, active in the 
development, production and distribution of speciality chemicals and 
performance chemicals, specifically unsaturated polyester resin, chemical 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 321, 10.08.2021 , p. 6. 

2 intermediates (anhydrides), related commodities (plasticisers), specialties 
(thermoset compounds), and resins for composites and coatings.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (d) of the  Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decide d not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commis sion 
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .