Pritzker’s Specialty Chemical Platform Buys IM Chemicals
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Pritzker’s Specialty Chemical Platform Buys IM Chemicals

The buy of IM Chemicals is the first add-on by Vertellus under Pritzker Private Capital ownership

IM Chemicals produces specialty chemicals products that are used in coatings, pigments, fuel and lubricants

SOURCE: PIXABAY

Vertellus, a portfolio company of Pritzker Private Capital, has acquired IM Chemicals, the intermediates and specialties division of ESIM Chemicals, a portfolio company of Sun European Partners.

IM Chemicals produces specialty anhydrides products that are used in the coatings, pigments, construction, fuel & lubricants, and pharmaceutical sectors. IM Chemicals has more than 150 employees and operates a production site in Linz, Austria.

The buy of IM Chemicals is the first add-on acquisition completed by Vertellus since being acquired by Pritzker Private Capital (PPC) in January 2021.

Vertellus supplies more than 700 products that are used in medical devices, vitamins, health and beauty, crop protection, fuel and lube, and other applications. The company, led by CEO John Van Hulle with more than 1,000 employees, is headquartered in Indianapolis and has ten manufacturing facilities in the United States, the United Kingdom, India and China.

“We are pleased to officially welcome IM Chemicals to the Vertellus family,” said Mr. Van Hulle. “I am confident that our shared commitment to customer satisfaction and product excellence will drive our growth and strengthen our position as a premier global provider of specialty ingredients and solutions.”

Chicago-based PPC acquires North America-based middle-market companies that have enterprise values between $200 million and $1.5 billion and EBITDA of more than $15 million. Sectors of interest include manufactured products, services, and healthcare. The firm, led by Tony Pritzker and the former investment and operating professionals of Pritzker Group, closed its oversubscribed third fund, PPC Fund III LP, at its hard cap of $2.7 billion in July 2021.

ESIM Chemicals, the seller of IM Chemicals, is a provider of agricultural and crop protection chemicals, intermediates and maleic anhydride chemicals. The Austria-based company was formed by Paris-headquartered private equity firm Ardian in August 2015 through the carve-out of two business units from DPx Fine Chemicals – agrochemicals exclusive synthesis (ES) and maleic anhydride intermediates and specialties (IM). Ardian sold the business to Sun European Partners (part of Sun Capital) in May 2018.

© 2021 Private Equity Professional | October 26, 2021

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