Bain Capital Private Equity has signed an agreement to acquire Italmatch Chemicals, a manufacturer of specialty chemicals, from Ardian which has owned the company since July 2014.
Italmatch Chemicals makes specialty chemical additives that are used in a range of applications in water treatment, oil & gas, lubricants, plastics, and personal care. Customers include major multinationals that are active in the chemical, petrochemical, detergents and oil & gas industries.
Italmatch has 780 employees and annual revenues of more than €400 million ($463 million). The company operates through seven manufacturing plants in Europe (Italy, Spain, Germany and the UK), five in Asia Pacific (China, Japan and India), five in the US and sales/distribution subsidiaries in Brazil, Belgium, China, Japan, India, Poland, Singapore and the US. Italmatch was founded in 1997 by its CEO Sergio Iorio and is headquartered in Genoa, Italy (www.italmatch.com).
Over the past four years under Ardian ownership, Italmatch has more than doubled its sales, both organically and through acquisitions, with nine transactions completed worldwide. In June 2016, Italmatch made its first acquisition in the US with the buy of Smyrna, GA-based Compass Chemical from One Rock Capital. Compass produces and sells organophosphonates (chemical compounds derived from phosphoric acid), polymers and other specialty additives that are used in water treatment and oil & gas applications.
“When Ardian partnered with Italmatch four years ago we had no doubt that the growth path planned with Sergio Iorio and his team would be a success,” said Yann Chareton, a Managing Director of Ardian. “It has been an incredible journey with a fantastic team of professionals. We are very proud to exit from this investment, which is now a solid and innovative international group with an established presence in key markets such as the US and Asia.”
“Italmatch has a global reputation with its customers for high-quality innovative products, and an impressive growth track record,” said Ivano Sessa, a Managing Director at Bain Capital Private Equity. “Leveraging our experience in the chemicals sector and our global presence, we look forward to supporting Sergio Iorio and the rest of the management team to continue growing the company, both organically and through an ambitious plan of strategic acquisitions.”
Bain Capital Private Equity was founded in 1984 and invests in the consumer and retail; financial and business services; healthcare; industrials; and technology, media and telecommunications sectors. The firm has a team of approximately 220 investment professionals with offices in Boston, Chicago, New York, Palo Alto, San Francisco, Dublin, London, Munich, Melbourne, Mumbai, Hong Kong, Shanghai, Sydney and Tokyo (www.baincapitalprivateequity.com).
Ardian was founded in 1996 and has $71 billion of assets under management. The firm is headquartered in Paris (www.ardian.com).
“We are grateful to Ardian for the strong support of Italmatch’s growth over the last four years, mainly through the successful completion of nine acquisitions in our core markets,” said Mr. Iorio. “At the same time, we are proud and honored by Bain Capital’s decision to support Italmatch through its next phase of growth. We think we have a solid and wide base to build upon through innovation. We are convinced that Bain Capital, thanks to its experience in the chemical sector and its strong global reach, is the right partner to bring Italmatch to the next level, and we are excited about our next years of cooperation with Bain Capital.”
Goldman Sachs, BNP Paribas, Fineurop Soditic were the financial advisors to Italmatch and Ardian. Rothschild and Lincoln International advised Bain Capital.
© 2018 Private Equity Professional | June 28, 2018
