Bain Capital Private Equity, a global private investment firm, last Thursday announced it has signed a definitive agreement to acquire Italmatch Chemicals S.p.A., a global specialty chemical additive manufacturer, from Ardian, a private investment house.
Last December, Italmatch acquired Detrex Corporation, parent company of Cleveland, Ohio-headquartered lubricant additive manufacturer Elco.
Founded in 1997 by current CEO Sergio Iorio, Italmatch is a global manufacturer of specialty chemical additives, operating across four key business units: Water & Oil Treatment, Lubricants, Flame Retardants & Plastic Additives, Performance Products & Personal Care.
In 2017, the Company generated sales of approximately €400 million. Headquartered in Genoa, Italy, Italmatch has 17 manufacturing sites and 780 employees across Europe, the USA and Asia.
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. Today the company is a global business which focuses on specialty products in resilient and high-value end-markets.
Sergio Iorio, CEO of Italmatch, said: “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. 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”.
Yann Chareton, Managing Director of Ardian in Italy commented: “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. 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 U.S.A. and Asia".
Ivano Sessa, a Managing Director at Bain Capital Private Equity added: “Italmatch has a global reputation with its customers for high-quality innovative products, and an impressive growth track record. 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.”
The transaction remains subject to regulatory approval.
Italmatch Chemicals operates through seven manufacturing plants in Europe (Italy, Spain, Germany and UK), five in Asia Pacific (China, Japan and India), five in North America (USA) and sales/distribution subsidiaries in Brazil, Belgium, China, Japan, India, Poland, Singapore and the USA.
Ardian is a private investment house with assets of US$71 billion managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. Ardian maintains a global network, with more than 500 employees working from fourteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo).
Founded in 1984. Bain Capital Private Equity’s global team of approximately 220 investment professionals have expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital Private Equity has offices in Boston, New York, London, Munich, Mumbai, Hong Kong, Shanghai, Sydney, Tokyo, Seoul and Luxembourg and has made more than 760 primary and add-on investments to date. In addition to private equity, Bain Capital invests across asset classes including credit, public equity and venture capital, managing approximately USD 95 billion in total.