Arsenal Capital Partners has agreed to sell IGM Resins to Astorg. This transaction is expected to close during the second quarter of 2018.
IGM Resins is a developer, manufacturer and supplier of specialty photoinitiators that are used in ultraviolet radiation cure coatings, inks and adhesives. The company has offices and production facilities in Europe, the US, and Asia.
IGM Resins, led by CEO Edward Frindt, was founded in 1999 and is headquartered Waalwijk, Netherlands (www.igmresins.com).
Arsenal acquired IGM Resins in September 2012. “We are proud of the transformation of IGM from a specialty chemicals distribution company to a leading global UV-cure technology provider,” said Sal Gagliardo, an Industry & Operations Partner of Arsenal. “During our partnership with the management team, we completed four strategic acquisitions and executed an aggressive organic growth strategy. Through these initiatives, the company has become the leading global producer of photoinitiators with the most comprehensive breadth of technologies serving high growth UV cure applications.”
In August 2016, IGM Resins completed the add-on acquisition of BASF’s global photoinitiator business. This transaction included all of the assets of the business including technology, patents, trademarks and the company’s photoinitiator production site in Mortara, Italy. Earlier, in June 2015, it acquired the photoinitiator business of Lamberti which is headquartered in Gallarate, Italy; and in August 2014, IGM Resins acquired Insight High Technology Group, a China-based manufacturer of photoinitiators, pharmaceutical intermediates and other fine chemicals.
Arsenal invests in middle-market specialty industrial and healthcare companies that have $100 million to $500 million in enterprise value. Industries of specific interest include specialty industrials and healthcare companies. The firm was founded in 2000 and has offices in New York and Shanghai (www.arsenalcapital.com).
“IGM has established a truly unique position in the UV curable materials space thanks to its strong focus on innovation and unrivaled customer intimacy,” said Nicolas Marien, Director at Astorg. “We have been impressed with what has been achieved by the brilliant and dedicated management team, enabling the company to grow significantly over the past few years. We are glad to accompany IGM during the next phase of its ambitious development plan through the provision of adequate capital resources and enhanced M&A capabilities.”
Astorg, the buyer of IGM Resins, invests in European-based companies that have enterprise values from €200 million to €1 billion. The firm invests across a range of industries but has specific interest in technology-based industrial companies, healthcare and business-to-business professional services. Astorg has total funds under management of over €4 billion and has offices in London, Paris, Luxembourg and Frankfurt (www.astorg.com).
Moelis & Company was the financial advisor to Arsenal and IGM. Houlihan Lokey and Emendo Capital were the financial advisors to Astorg.
© 2018 Private Equity Professional | May 8, 2018