Ardian has agreed to buy Italmatch Chemicals from Mandarin Capital Partners and the Malacalza family. No financial terms were disclosed. Italmatch’s management will retain a 12 percent stake in the firm. Headquartered in Genoa, Italy, Italmatch is a specialty chemicals provider.
Ardian, the premium independent private investment company, today announces that it has signed a binding agreement to acquire Italmatch Chemicals, Italy’s leading specialty chemicals manufacturer, from Mandarin Capital Partners (owner of a 67.6% stake) and the Malacalza family. The senior management, including Italmatch CEO Sergio Iorio, will retain a 12% stake in the company.
Italmatch Chemicals, founded through a MBO in 1997 and headquartered in Genoa, has five production facilities in Europe. Two are based in Italy (Spoleto and Arese), with the remaining three situated in Germany (Frankfurt), the UK (Newport) and Spain (Zuera, near Zaragoza). Italmatch also has production facilities and joint-ventures in Asia (China and Japan).
From an historical cornerstone of phosphorus-based additives for engine lubricant oil and plastics, the company has increased both its range of products/chemistry and end markets through a targeted acquisitions plan. As a result, Italmatch has posted exceptional level of growth over the last few years, with sales forecast of around €250 million for 2014, (of which 90% generated outside of Italy) more than double compared to 2012, with an EBITDA in excess of €30 million.
Italmatch’s acquisition strategy has been driven by management’s ambition to expand its products portfolio and market range, particularly in the areas of water treatment, oil and gas and high performance lubricants for industrial applications, and to strengthen the company’s presence in overseas markets. Ardian’s investment will support the management’s plans for further international growth, particularly in respect of the U.S. and Asia.
This is the fourth deal executed by the Ardian Mid Cap Buyout team in Italy.
Philippe Poletti, Head of Ardian’s Mid-Cap team, said: “Italmatch is a great example of Italian industrial excellence. It has posted robust turnover figures in the last few years and we foresee other great development opportunities for the company. Ardian will work in partnership with Italmatch’s management team in order to identify and take advantage of such opportunities.”
Sergio Iorio, CEO of Italmatch Chemicals, added: “Our strategy aims to make Italmatch Chemicals a global leader in the fast growing specialty chemical additives sector, thanks to our capabilities of innovation and development of new products and special eco-sustainable solutions for our customers. By using our technology and expertise, we are now planning wider international development and expansion into different industries. We believe that Ardian’s expertise, in combination with our high quality products and thriving commercial synergies, will cement Italmatch’s position as a global leader in our field.”
ABOUT ITALMATCH CHEMICALS
Italmatch Chemicals, with headquarters in Genoa and production facilities in Italy, Germany, Spain, UK and China, is a leader in the production of lubricant oil additives, detergents, water treatments, oil & gas, plastics and phosphorus derivatives.
Italmatch Chemicals is expanding in other high growth sectors such as flame retardant additives and personal care. The company has been present in China for many years with two joint ventures for the supply of phosphorus and a production facility in the municipality of Nantong for the production of plastic additives and flame retardants for the electronics sector. Italmatch’s clients are the major multinationals in the chemical, petrochemical, detergents and oil & gas industry. The company has 400 employees.
Ardian, founded in 1996 and led by Dominique Senequier, is a premium independent private investment company with assets of US$47bn managed or advised in Europe, North America and Asia. The company, which is majority-owned by its employees, keeps entrepreneurship at its heart and delivers investment performance to its global investors while fuelling growth in economies across the world. Ardian’s investment process embodies three values: excellence, loyalty and entrepreneurship.
Ardian maintains a truly global network, with more than 330 employees working through ten offices in Paris, London, New York, Beijing, Frankfurt, Jersey, Luxembourg, Milan, Singapore and Zurich. The company offers its 300 investors a diversified choice of funds covering the full range of asset classes, including Fund of Funds (primary, early secondary and secondary), Direct Funds including Infrastructure, Expansion, Mid Cap Buyout, Innovation & Growth, Co-Investment and Private Debt.