Advent International to acquire controlling stake in ZCL Chemicals Limited

Advent International
  • Investment will further strengthen Advent’s presence in the pharmaceuticals and API sub-sector.
  • Transaction is Advent’s fourth investment in India over the past twelve months.

MUMBAI, INDIA, February 08, 2021 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced that it has signed a definitive agreement to acquire a majority stake in ZCL Chemicals Limited (“ZCL”), one the fastest growing pharmaceutical companies in India. The business was formerly known as Zandu Chemicals Ltd.

With this transaction, Morgan Stanley Private Equity Asia (MSPEA), a private equity platform that previously managed a minority investment in ZCL, will exit their investment.

ZCL is one of the fastest growing manufacturers of specialty active pharmaceutical ingredients (APIs) and advanced intermediates. ZCL’s highly specialised approach focuses on niche therapeutic areas, underpinned by complex chemistry, supported by a state-of-the-art U.S. Food and Drug Administration (FDA) approved facility, along with strong research & development capabilities. The company has delivered impressive growth over the past few years, has leading market positions in its existing products, and is developing a strong pipeline of high potential products that is expected to drive the next phase of its growth.

“ZCL will be our third pharmaceuticals investment in India and the second in the API space. ZCL is a high-growth business, led by a capable management team, which will further fortify our presence in the API market, a key sub-sector focus of ours,” said Shweta Jalan, a Managing Director and Head of India at Advent International, India.

Over the last 12 months, Advent has committed over $1.2 billion globally across the healthcare sector. The firm has also committed over $600 million in four Indian businesses over the same period in varied sectors such as healthcare, consumer, and financial services amongst others.

“We are impressed with ZCL’s differentiated product portfolio, strong pipeline and its high focus on quality and compliance. The acquisition of ZCL helps us get closer to our goal of creating a top five merchant API platform in India,” said Pankaj Patwari, Director, Advent International India.

“We are very pleased with this transaction and excited to partner with Advent. In the last 12 years we have established ZCL as one of the leading pure-play API companies in the country, and today marks an important milestone in these efforts. We are very excited for the future of ZCL, and strongly believe Advent’s global expertise in the pharmaceutical space, combined with ZCL’s strong capabilities in manufacturing and R&D and a culture of customer centricity, will ensure that we keep up our tradition of delivering immense customer value,” said Nihar Parikh, Executive Director of ZCL Chemicals Ltd.

“ZCL was one of MSPEA’s first investments in the Healthcare and Life Sciences sector in India, and we are happy with the progress the company has made in the last 4 years. Today, it is well positioned to embark on the next phase of growth, with a strong product portfolio and focus on quality standards”, said Nirav Mehta, Managing Director and Co-Head of Morgan Stanley Private Equity India.

Advent has been investing in India since 2007. In this time, it has deployed over $1.7 billion in 12 companies with headquarters or operations in the country. In addition to ZCL, new investments in last 12 months include RA Chem Ltd, a vertically integrated pharmaceutical company; Bharat Serums and Vaccines (BSV), a biopharmaceutical leader in women’s health and critical care; and Aditya Birla Capital, the holding company of the financial services businesses of Aditya Birla Group (ABG), an Indian multinational conglomerate.

Advent has significant experience in the healthcare industry globally. In the past 30 years, the firm has invested or committed over $9.6 billion in 48 companies in the sector, including over 20 businesses involved in pharmaceutical R&D, production, and distribution. Recent pharmaceutical transactions include RA Chem Ltd, Bharat Serums and Vaccines, Sundia, Zentiva’s acquisition of Alvogen’s Central and Eastern European generics business, BioDuro, Industria Chimica Emiliana, Somar, Syneos Health and Zentiva.

The transaction will be subject to customary closing conditions.

ZCL Chemicals was advised by Jefferies (Sole Financial Advisor), Bombay Law Chambers (Legal Counsel) and Deloitte (Finance and Tax).

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 350 private equity transactions in 41 countries, and as of September 30, 2020, had $66.2 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 200 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit:


About ZCL Chemicals Limited

ZCL (formerly Zandu Chemicals Ltd.) is one of the fastest growing Pharmaceutical companies in India. Established in 1991, ZCL is headquartered in Mumbai and has a state-of-the-art US FDA successfully inspected facility with a capacity of 214 KL along with strong research & development capabilities strategically located in the industrial park of Ankleshwar, Gujarat.

For more information, visit:

Media contacts

Advent International

Girish Dikey
Ketchum Sampark
Tel: +91 98922 00260

Andrew Johnson or Anna Epstein
Tel: +1 646 805 2000

Graeme Wilson or Harry Cameron
Tel: +44 (0)20 7353 4200

Categories: News


Ardian acquires 50% ownership stake in Angus Chemical Company


  • 13 October 2020 Buyout New York, San Francisco & Buffalo Grove, USA

  • • Golden Gate will retain 50% ownership stake
    • Partnership positions ANGUS for accelerated global growth
  • New York, San Francisco & Buffalo Grove, Ill. – October 13, 2020 – Ardian, a world leading private investment house, today announced that it has acquired a 50-percent ownership stake in ANGUS Chemical Company (“ANGUS” or the “Company”) from Golden Gate Capital at a total enterprise value of approximately $2.25 billion. Golden Gate Capital, which initially acquired ANGUS in February 2015 from The Dow Chemical Company, will retain a 50-percent stake in ANGUS. Additional terms of the transaction were not disclosed.

Founded in 1935, ANGUS is the world’s only company dedicated to the manufacture and distribution of nitroalkanes and their derivatives. Through its proprietary technology, the Company produces a unique portfolio of specialty additives and high-performance intermediates, which help customers deliver enhanced product and process performance across a wide range of applications in life sciences, personal care and high-growth industrial markets. In addition, ANGUS’ solutions are widely used in applications to help combat the spread of COVID-19, including high-alcohol hand sanitizer gels, diagnostic kits, antibody treatments and vaccines.

Over the last five years, Golden Gate Capital has meaningfully grown the business while repositioning it to focus on premium consumer applications. Ardian and Golden Gate Capital will partner with ANGUS President and CEO David Neuberger and the Company’s current senior management team to grow the business through continued focus on and investment in core markets supplemented by development of application adjacencies and of new-to-world molecules.

Thibault Basquin, Head of Americas Investments at Ardian Buyout stated, “Management and Golden Gate Capital have built an impressive Company and we are delighted to partner with them on this next phase of growth. ANGUS plays a critical role in the life sciences and personal care value chains, and its products have supported dozens of essential businesses over the last few months. With Ardian’s global reach and together with Golden Gate Capital, we plan to accelerate the Company’s growth and provide ANGUS’ customers with a compelling range of products. We have deep expertise and an extensive network in the sectors served by ANGUS, and we intend to support the Company in the implementation of a global buy & build strategy, similar to our approach with other successful investments.”

Dave Thomas, a Managing Director at Golden Gate Capital, said, “We have enjoyed a highly successful partnership with David Neuberger and the entire ANGUS team over the past five years. Since our initial investment, ANGUS has driven exceptional growth and strengthened its global business through significant investments in the Company’s life sciences and personal care business segments, including major capacity expansions and the buildout of innovation and sales capabilities. These investments have enabled ANGUS’ transformation into a high-growth organization. With this strong foundation in place, we look forward to supporting ANGUS’ continued growth alongside Ardian.”

David Neuberger, President of ANGUS, said, “Ardian’s interest in ANGUS is a testament to our resilience, consistent growth, talented team and the extraordinary value of our current product portfolio and R&D pipeline. Likewise, Golden Gate Capital’s continued ownership in ANGUS is a testament to their belief in our future prospects. Over the course of our five-year relationship, we established ANGUS as an independent company; transformed our business into a stable, consumer-focused organization; increased our capacity for key chemistries like TRIS AMINO™ tromethamine; and enabled our customers’ own growth plans. The management team is excited to have the combined support of Ardian and Golden Gate Capital. We are confident that they share our strategic vision as we accelerate the growth of our innovative, high-demand chemistries.”

Christopher Sand, Director at Ardian Buyout added, “Over the last five years, ANGUS has prospered.  ANGUS’ highly-regarded management team, unique product set, resilience, and growth prospects – both organic and via acquisition – makes it an ideal investment for Ardian, and we look forward to partnering with Golden Gate Capital.”

The transaction is expected to close by the end of 2020.

With seven offices in Europe and America, Ardian’s global Buyout team acquires high-quality mid and large-cap companies across Western Europe and North America, applying transformational and multi-cultural buy-and-build strategies which enable portfolio companies to become global leaders in their respective sectors.

Citi and Guggenheim Securities LLC are serving as financial advisors to Ardian and Latham & Watkins is serving as the firm’s legal advisor.

Morgan Stanley & Co. LLC and JPMorgan Securities LLC are serving as financial advisors to Golden Gate Capital and Kirkland & Ellis LLP and Nob Hill Law Group, P.C. are serving as the firm’s legal advisors.



Ardian is one of the world’s leading private equity firms with $100 billion under management and/or advisory in Europe, America and Asia. The company, which is majority owned by its employees, has always placed entrepreneurship at the heart of its approach and offers its international investors top-tier performance. Through its commitment to sharing the value created with all stakeholders, Ardian participates in the growth of companies and economies around the world. Based on its values of excellence, loyalty and entrepreneurship, Ardian benefits from an international network of 700 employees in 15 offices in Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), North America (New York, San Francisco), South America (Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). The company manages the funds of 1,000 clients through its five investment pillars: Funds of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
Follow Ardian on Twitter @Ardian



Golden Gate Capital is a San Francisco-based private equity investment firm with over $17 billion of committed capital. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. Notable investments sponsored by Golden Gate Capital include U.S. Silica, EP Minerals, Cole-Parmer and Vantage Elevator Solutions.


ANGUS is a leading global specialty and fine chemical company dedicated to the development of novel chemistries that deliver enhanced product and process performance across a wide range of applications in pharmaceuticals, biotechnology, paints and coatings, agriculture, personal care, metalworking fluids, electronics and other industrial markets. The company innovates through its unique nitroalkane chemistries, including its flagship AMP™ (aminomethyl propanol) multifunctional additives and TRIS AMINO™ tromethamine, which are produced at fully integrated, ISO 9001-certified manufacturing facilities in Sterlington, Louisiana, USA, and Ibbenbüren, Germany. ANGUS serves its global customers through six regional Customer Applications Centers located in Chicago, Illinois; Paris, France; São Paulo, Brazil; Singapore; Shanghai, China; and Mumbai, India. The company is headquartered in Buffalo Grove, Illinois.

Press contact

GOLDEN GATE CAPITAL – Sard Verbinnen & Co.


Scott Johnson +1 847-808-3769

Ardian – The Neibart Group

Emma Murphy +1 347 968 6800


Categories: News


Q Acquires TBL Performance Plastics


SOLON, OH, October 2019 – Q announced today that it has entered into an agreement to acquire TBL Performance Plastics, Sparta, NJ, a leading manufacturer of single-use bio-process components and systems including fittings, tubing, single-use assemblies, and fabrication.

TBL represents a strategic acquisition for Q’s Biopharma Business, creating a flexible and multi-faceted biopharma component and single-use assembly manufacturer with North American and European production and distribution centers.

Together, Q and TBL will offer an in-depth suite of development and manufacturing services, material technologies, and industry expertise. The combined business will also offer complete product lifecycle management with cleanroom assembly and packaging services.

Thomas J. Hook, Chief Executive of Q, commented: “We are delighted to have reached this agreement to purchase TBL. The businesses are highly complementary and the acquisition represents a critical milestone in building Q’s Biopharma Business. It will significantly enhance the value we can deliver to our North American customer base.”

P. Robert DuPont Jr., CEO of TBL, added, “We are excited to be working with Q to build an industry-leading Single-Use Technology (“SUT”) business. Q’s operational excellence, synergistic capabilities, and silicone products are powerful resources. Combined with TBL’s portfolio of other non-metallic products and services for the biotech industry, our companies are strategically aligned as key players in the industry. The alignment will benefit our customers by providing them with a greater global network, product development, and manufacturing capabilities.”

Richard Relyea, Managing Director 3i North America, commented: “3i is pleased to support Q in this strategic acquisition of TBL. The combination further supports our commitment to expanding our offering in the biopharma market. We will continue to invest to further expand our capabilities, geographic footprint and differentiated products to better support our global customer base.”

About Q
Q provides world class engineered and elastomeric solutions for the global life sciences, automotive,
and industrial markets. With Centers of Excellence in North America, Mexico, Europe, the Middle East,
India and China, Q goes to market in the life sciences as Silicone Altimex and Q Medical Devices (Qure,
Degania, Biometrix, Arthesys) and in electrical management as Quality Synthetic Rubber (QSR).

About TBL
TBL Performance Plastics manufactures non-metallic single-use products tailored for biopharmaceutical
manufacturers, CMOs, drug development companies and related OEMs. TBL offers industry-leading
expertise in developing non-metallic fluid transfer and storage products with a heavy focus on quality,
regulatory compliance, and meeting the application-specific needs of our clients.

Categories: News


CPS Performance Materials Group Acquires GEO Specialty Chemicals

Arsenal Capital Partners
September 3, 2019

BOUND BROOK, NEW JERSEY, September 3, 2019 – CPS Performance Materials (“CPS”), a diversified specialty chemicals manufacturer of performance polymers, fine chemical and chemical illumination solutions, announced today the acquisition of GEO Specialty Chemicals (“GEO”).  CPS is a portfolio company of Arsenal Capital Partners (“Arsenal”).  The terms of the acquisition were not disclosed. 

GEO is a diverse supplier of specialty chemicals and materials to the coatings, adhesives, medical, water treatment and construction markets.  The company operates in three divisions – Paints & Coatings, Water Treatment and Specialty & Construction – with leading positions in its primary chemistries from 19 production sites in the U.S. and Europe. 

In the recent past, GEO has undertaken a number of expansions to increase its presence in the attractive markets of materials for contact lenses, additives for oil and gas drilling, and municipal and industrial water treatment.  This builds upon GEO’s already strong position in methacrylate chemistry where it is a leading supplier to the global coatings and adhesives markets.  GEO is also the largest U.S. producer of glycine, a key amino acid used in a variety of nutrition and personal care products. 

Jeremy Steinfink, President and CEO of CPS, said, “GEO significantly adds to the scale of CPS and positions us well in a number of growing end markets.  Our strategy will focus on investing in GEO’s businesses which complement many of CPS’s existing positions in attractive end markets such as CASE additives, specialty chemicals for pharma and medical uses, nutrition, personal care and a wide range of industrial applications.  We see opportunities to expand across the portfolio where we can leverage our chemical expertise and continue to be a reliable commerical partner.”

Ken Ghazey, CEO of GEO who will join the Board of Directors of CPS, said, “CPS is a great fit for our employees and business partners.  I look forward to working with Arsenal and the CPS team to continue to build the platform.”

Sal Gagliardo, an Operating Partner of Arsenal and the Chairman of CPS, commented, “The addition of GEO to CPS builds on our strategy to expand the breadth of our specialty chemicals platform with highly complementary capabilities and resources.  The acquisition strengthens CPS’s technology offerings to both GEO’s and CPS’s customers and positions CPS for significant growth.  We are delighted to have the GEO team join CPS.”

The Valence Group acted as financial advisor to Arsenal and CPS.

About GEO Specialty Chemicals

Founded in 1993, GEO has grown through strategic acquisition and commitment to niche markets to become a leading supplier of specialty chemicals.  GEO currently manufactures over 300 products for a broad customer base of more than 1,000.  GEO markets include: water treatment; coating and resin additives; specialty acrylic monomers; consumer additives; plus a broad range of dispersants, surfactants, and other additives for the concrete admixtures, synthetic rubber polymerization, gypsum processing and oil well drilling markets.  Visit

About CPS Performance Materials

CPS Performance Materials is a diversified specialty chemicals manufacturer of coatings additives, pharmaceutical intermediates and API’s, chemical illumination solutions, performance polymers, and fine chemicals and intermediates.  For more information visit:

About Arsenal Capital Partners

Arsenal is a leading private equity firm that specializes in investments in middle-market specialty industrials and healthcare companies.  Since its inception in 2000, Arsenal has raised institutional equity investment funds of $5.3 billion, completed 45 platform investments, and achieved 30 realizations.  Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience and seeks companies typically in the range of $100 million to $500 million of initial enterprise value.  The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add.  For more information, visit


Categories: News


H.I.G. Europe to Acquire Polyurethane Systems Business from Covestro

H.I.G. Europe

HAMBURG – June 17, 2019 – H.I.G. Capital, LLC (“H.I.G.”), a leading global private equity investment firm with over €26 billion of equity capital under management, is pleased to announce that an affiliate has signed a definitive agreement to acquire the European Polyurethane Systems Business (the “Company”) in a carve-out transaction from Covestro AG. The transaction is subject to clearing by the relevant antitrust authorities with closing anticipated for the second half of 2019.

The European Polyurethane Systems Business operates four systems houses in Germany, Denmark, the Netherlands and Spain. It employs approximately 250 full-time employees and generates annual sales of approximately €230 million. Systems houses develop and formulate tailor-made ready-to-use chemical blends for the production of a wide range of polyurethane products such as insulation materials, foams, shoe soles, and building materials. The Company serves a wide range of small- and mid-sized customers across Europe and will be led by Dr. Jörg Schottek, an experienced executive in the chemical industry.

“Tailor-made polyurethane solutions are used in a wide range of applications across a large number of industries. Systems houses offer vital value-add to customers by providing product development, technical support and supply chain services. Polyurethanes are highly versatile materials and new applications are constantly being developed, which provides further demand for the services the Company offers,” said Dr. Johannes Natterer, Managing Director at H.I.G.

“Following the carve-out from Covestro, the Company will be a leading independent polyurethane systems business in Europe and we aim to further expand its pan-European footprint organically and through add-on acquisitions,” Dr. Holger Kleingarn, Managing Director at H.I.G., commented. “The business will continue to have strong ties with Covestro as a key supplier of raw materials. We are pleased that with Dr. Jörg Schottek, we have attracted a highly experienced CEO in the chemical industry to run the business.”

Dr. Jörg Schottek added: “The polyurethane systems business of Covestro is known for providing innovative solutions and market-leading services to clients across Europe. As an independent company, we will build on this position and will continue to strive for product excellence, flexibility and impeccable customer service. I look forward to working together with the Company’s experienced and successful management team.”

About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over €26 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused / value-added approach:

  1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
  2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
  3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of €28 billion. For more information, please refer to the H.I.G. website at

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

Categories: News


Golden Gate Capital to sell Arrmaz to Arkema Group

Golden Gate Capital

SAN FRANCISCO – May 16, 2019 – Golden Gate Capital, a leading private equity investment firm, today announced that ArrMaz, a global leader in specialty chemicals, has entered into a definitive agreement to be acquired by Arkema Group (“Arkema”) (PA:AKE) for approximately $570 million. Arkema is a global manufacturer of specialty chemicals and advanced materials used across a range of industries. ArrMaz’s management team, led by Chief Executive Officer Dave Keselica, will continue to lead ArrMaz after the transaction is completed.

ArrMaz is a trusted partner to the mining, crop nutrients, asphalt paving, and other growing industries worldwide, providing chemical process aids and additives formulated to improve their customers’ products and processes. For more than 50 years, ArrMaz has delivered customized chemical solutions, engineered application systems, expert technical and customer support, and superior responsiveness.

Dave Keselica said, “We are excited to join forces with Arkema after a successful long-term partnership with Golden Gate Capital. Under their ownership, we expanded and improved the technical performance of our core product suite, entered attractive new markets such as lithium flotation and proppant dust control, and expanded our research and development capabilities and facilities worldwide. We look forward to continuing to provide our customers with the highest quality chemical solutions and unrivaled end-to-end support as we enter this next chapter of our growth.”

Dave Thomas, Managing Director at Golden Gate Capital, said, “We thank Dave Keselica and the entire ArrMaz team for a fantastic partnership over the past six years. During that time, ArrMaz significantly expanded its global footprint, particularly in the Middle East and Africa, through acquisitions and new plant openings, while accelerating innovation across their markets. We are confident that Arkema will be a great partner for ArrMaz’s future growth.”

The transaction is expected to close in the summer of 2019, subject to customary closing conditions.

Lazard Middle Market and Moelis & Company acted as financial advisors to ArrMaz, and Nob Hill Law Group and Kirkland & Ellis served as legal advisors to Golden Gate Capital and ArrMaz. The Valence Group served as financial advisor to Arkema.

About ArrMaz

ArrMaz is a global leader in the production of specialty chemicals for the mining, crop nutrients, asphalt paving, and other growing industries worldwide. Since 1967, ArrMaz has formulated chemical process aids and additives to optimize our customers’ process performance and product quality. With headquarters in Mulberry, Florida and multiple locations across North and South America, Europe, Asia, Africa and the Middle East, ArrMaz serves customers globally. For more information about our company and products, visit us online at

About Golden Gate Capital

Golden Gate Capital is a San Francisco-based private equity investment firm with over $15 billion of capital under management. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. Notable investments sponsored by Golden Gate Capital include Active Minerals, U.S. Silica, EP Minerals, ANGUS, Cole-Parmer and Vantage Elevator Solutions. For more information, visit

Sard Verbinnen & Co
Jenny Gore/Hayley Cook

Categories: News


AkzoNobel closes sale of Specialty Chemicals to The Carlyle Group and GIC


Amsterdam, Netherlands – Akzo Nobel N.V. (AKZA; AKZOY) has today completed the sale of the Specialty Chemicals business to The Carlyle Group and GIC for an enterprise value of €10.1 billion.

Thierry Vanlancker, CEO of AkzoNobel, commented: “Today is a key milestone in the history of AkzoNobel, creating a focused paints and coatings company, with market leading positions, strong global brands, and a clear strategy to create value for all our stakeholders.

“This is also an important step for the Specialty Chemicals business and I would like to take this opportunity to say thank you to our colleagues and wish them a successful future with Carlyle and GIC.”

Charles Shaver, CEO of Specialty Chemicals, said: “I am delighted to assume my new role at Specialty Chemicals and look forward to working with the management team, Carlyle and GIC to deliver long term success. Specialty Chemicals has a strong global presence and a talented and dedicated team and I believe there is significant opportunity to drive additional growth through innovation and customer focus to build on the company’s leading positions in its markets.”

Martin Sumner and Zeina Bain, Managing Directors at The Carlyle Groupadded“We are excited to invest in Specialty Chemicals and we are committed to growing the business and continuing to enhance its competitive position. Specialty Chemicals has a great heritage, a high quality asset base and workforce, an excellent track record of innovation as well as a diversified customer and product portfolio. We look forward to working with Charlie and the management team to support Specialty Chemicals as it embarks on a new phase as an independent company.”

As agreed at the Extraordinary General Meeting of November 30, 2017, AkzoNobel will return the vast majority of net proceeds from the sale of Specialty Chemicals to its shareholders. Further details will be announced in due course.


About AkzoNobel

AkzoNobel has a passion for paint. We’re experts in the proud craft of making paints and coatings, setting the standard in color and protection since 1792. Our world class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. Headquartered in the Netherlands, we operate in over 80 countries and employ around 35,000 talented people who are passionate about delivering the high performance products and services our customers expect.

About AkzoNobel Specialty Chemicals

Industries worldwide rely on our essential chemistry in the manufacture of everyday products such as paper, plastics, building materials, and personal care items. Building on the dedication of our 9,500 employees and our shared commitment to safety, sustainability, and open innovation, we have established a world-class business and built strong partnerships with our customers. We operate in over 80 countries around the world and our portfolio of industry leading brands includes Eka, Dissolvine, Trigonox, and Berol.

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $210 billion of assets under management across 335 investment vehicles as of June 30, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,625 people in 31 offices across six continents.

About GIC

GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. It has investments in over 40 countries. As a disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate, and infrastructure. In private equity, GIC invests through funds as well as directly in companies, partnering with its fund managers and management teams to help world class businesses achieve their objectives. GIC adds value to boards and management of investee companies by providing advice and access to its global network. Headquartered in Singapore, GIC employs over 1,400 people across 10 offices in key financial cities worldwide. For more information about GIC, please visit

AkzoNobel Media Relations
Diana Abrahams

+31 (0)88 – 969 7833

The Carlyle Group
Rory Macmillan
+44 (0) 20 7894 1630

Katarina Sallerfors
+44 (0)20 7894 3554

Safe Harbor Statement

This press release contains statements which address such key issues such as AkzoNobel’s growth strategy, future financial results, market positions, product development, products in the pipeline and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecasted and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more comprehensive discussion of the risk factors affecting our business please see our latestannual report, a copy of which can be found on our website:

Categories: News


Artemis Capital Partners announces acquisition of StanChem Polymers

Artemis Capital Partners

New Era of Innovation & Investment at Leading Manufacturer of Emulsion Polymers, Adhesives, & Coatings

Boston, MA (August 17, 2017) – Artemis Capital Partners, a Boston-based private equity firm focused on leading industrial technology companies, announced today that is has led the acquisition of StanChem Polymers, a specialty chemicals manufacturer based in East Berlin, Connecticut.

Founded in 1968, StanChem specializes in the research, development, manufacture, and marketing of emulsion polymers, adhesives, and specialty coatings for a variety of applications including paints, paper and packaging, building products, textiles, and non-wovens. In addition to its specialty polymers business, StanChem produces and markets the well-known Albi line of flame retardant products. Consistent with Artemis’ investment strategy, StanChem possesses a compelling combination of differentiated process and product solutions, a blue-chip customer base, and significant growth potential. According to StanChem’s management team, that growth will be fueled by a new era of innovation and investment.

“Using the ‘Voice of our Customer’ as our guide, we are excited to systematically expand our R&D capabilities to deliver new emulsion polymers and Albi coatings to our new and existing customers, applications, and markets,” stated Paul Stenson, PhD, StanChem’s Vice President of Technology, Sales, & Marketing.

Stephen McGuff, StanChem’s Vice President of Operations, concurred: “StanChem’s existing process technology is both formidable and flexible and we plan to further invest in our people, technology, and equipment to realize StanChem’s full potential as a world-class manufacturer in the specialty polymers industry. After we have implemented our investment plans, we will have significantly increased the Company’s capacity and capabilities.”

In addition to Dr. Stenson and Mr. McGuff, Michael Foley, PhD., Peter Hunter, and James Ward will join StanChem’s Board of Directors on behalf of Artemis, with Dr. Foley serving as the Company’s new Chairman.


StanChem Polymers

Leveraging more than forty years of industry heritage and applications expertise, StanChem, Inc. develops and manufactures emulsion polymers, specialty adhesives, and intumescent coatings for a wide variety of markets. With state-of-the-art laboratories and over 125,000 square feet of flexible production space, StanChem offers its OEM and end-user clients with end-to-end solutions including custom formula development, applications testing, quality control, and production-scale manufacturing. For more information on StanChem, please visit:


Artemis Capital Partners

Founded in 2010, Artemis Capital Partners is a Boston-based private equity firm focused on acquiring and growing manufacturers of differentiated industrial technologies, including specialty chemicals and materials. Artemis seeks to partner with companies that have strong established management teams, outstanding engineering capabilities, unique products, and expanding niche markets. For more information on Artemis, please visit:

Categories: News


Proposed Acquisition of LCY Chemical Corp. by KKR Consortium


Shareholders to Receive TWD 56 Per Share in Cash, a 17.28% Premium to July 20 Closing Price

Existing Management Team Will Continue to Lead Company with Support from KKR

Partnership Provides Greater Access to Capital and Operational Resources to Undertake Growth Opportunities in Taiwan and Around the World

TAIPEI, Taiwan–(BUSINESS WIRE)– LCY Chemical Corp. (“LCY” or the “Company”) (TPE: 1704) and global investment firm KKR today announced the signing of a share exchange agreement for a consortium led by KKR to acquire all of the issued and outstanding shares of LCY for TWD 56 per share in cash, adjusted to include a TWD 2.90 per share dividend (rounded to the nearest TWD 0.01) (ex-dividend offer price is TWD 53.10 per share). The transaction, which has been unanimously approved by the board of directors of LCY upon the recommendation of its Audit Committee comprising independent directors, represents a total market capitalization of approximately TWD 47.8 billion (USD 1.56 billion).

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The offer price represents a premium of 17.28% to LCY’s closing price on 20 July 2018, the last trading day prior to the transaction announcement. It also represents a premium of 19.2%, 23.0% and 24.3% over the 30-day, 90-day and 180-day average closing prices, respectively.1

Mr. TH Hong, Chairman of LCY, said, “The proposed transaction delivers meaningful and immediate value to our shareholders, while also providing greater access to capital, operational resources and the time horizon needed to execute a strategy to drive long-term, sustainable value creation. KKR is the ideal partner to help us build on our 50-year track record of producing high-quality chemical products for customers worldwide and take LCY to its next level of growth given KKR’s focus on responsible business and operational excellence. KKR’s decision to partner with us is a testament to the innovative and talented team we have built in Taiwan – and around the world – and we look forward to working with them to build an even stronger company.”

Mr. Paul Yang, Member and Head of KKR Greater China, said, “LCY is a global leader in the specialty chemical industry and has earned its place as one of Taiwan’s leading global companies. We believe that KKR’s partnership approach will enable LCY to make the necessary investments in R&D and other growth initiatives to maintain the technological capabilities, capacity and product differentiation needed to further the Company’s leadership position going forward. This is an exciting opportunity to work alongside LCY’s exceptional management and dedicated employees to help the Company take full advantage of the opportunities that lie ahead.”

Founded in 1965, LCY is a producer of specialty chemicals with a concentration on thermoplastic elastomers and performance plastics used in infrastructure, health care, household, automotive, textile and electronic products, among other diverse applications. LCY will maintain its corporate headquarters in Taipei, its existing global distribution and sales networks and its production plants in Taiwan, mainland China and the United States.

KKR is a global investment firm with over 42 years of experience partnering with management teams and helping them to create value as a long-term, patient investor. Following completion of the transaction, KKR intends to work closely with LCY’s existing management team and employees to strengthen the Company’s business platform by exploring expansion opportunities in new and existing international markets as well as penetrating new verticals, with a goal to grow and support employment in Taiwan and overseas. KKR also looks to enhance the Company’s approach to environmental, social and governance management to responsibly and sustainably grow LCY’s corporate value.

Immediately following consummation of the share swap, KKR will hold a majority and controlling interest in LCY. The KKR consortium includes participation by the Company’s current employees and certain members of the Founding Family.

KKR makes its proposed investment from its Asian Fund III. The transaction is expected to close in the fourth quarter of 2018, subject to customary closing conditions and regulatory approvals. Upon the completion of the transaction, LCY will become a private company, and its shares will no longer be traded on the Taiwan Stock Exchange. KKR and its partners are committed to supporting LCY’s global expansion and will evaluate a range of options to support the Company’s strategy, including capital market activities in Taiwan.

Baker & McKenzie is acting as legal advisor to the Company. Simpson Thacher & Bartlett and Lee & Li are acting as legal advisors to KKR and the consortium. Goldman Sachs (Asia) L.L.C. is acting as financial advisor to KKR. Goldman Sachs Bank USA has agreed to underwrite and arrange debt financing to the consortium for the share exchange transaction, subject to certain customary conditions.

About LCY Chemical Corp.

Founded in 1965, LCY CHEMICAL CORP (TWSE:1704) aims at improving the quality of life and has been in petrochemical business for more than 50 years. Product portfolios include methanol, solvents, electronic-grade chemicals, rubbers and performance plastics. For more details, visit LCY CHEMICAL CORP. website:

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic manager partnerships that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR’s website at and on Twitter @KKR_Co.

Forward-Looking Statements

This press release contains forward-looking statements, including but not limited to statements about completing the proposed transaction on the terms and timetable described above, and strategic or other potential benefits of the proposed transaction. Words such as “will,” “believes,” “expects,” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and investors should not place undue reliance on such statement. These forward-looking statements speak only as of the date of this press release, and KKR and the Company do not undertake any obligation to update or revise any of the forward-looking statements to reflect future events or circumstances, except as required by law.

1 The figures set out above are based on Bloomberg data as of the last full trading day immediately prior to the date of the announced share swap.

For LCY Chemical Corp.
Charles Wei
+886 2-2763-1611
+886 983-051-488
James Kuo
+886 2-2763-1611
+886 900-797-195
Compass PR (For LCY Chemical Corp.)
June Kuo
+886 936-140-606
Olivia Hsieh
+886 912-429-786
KKR Asia
Anita Davis
+852 3602-7335
KKR Americas
Kristi Huller / Cara Major
+1 212-750-8300
Sard Verbinnen & Co. (For KKR Asia)
Miles Radcliffe-Trenner
+852 3842-2200

Source: KKR Consortium

Categories: News


EQT granted exclusivity to acquire Azelis


EQT granted exclusivity to acquire Azelis, a global distributor of specialty chemicals and food ingredients

  • EQT VIII, with PSP Investments as co-investor, is in exclusive discussions to acquire Azelis, a leading distributor of specialty chemicals and food ingredients with a global presence in more than 40 countries
  • Azelis provides a diverse range of products and innovative services to more than 43,000 customers and 2,000 principals
  • EQT VIII to support Azelis’ continued growth by leveraging EQT’s experience with buy-and-build strategies, digital capabilities and global network of industrial advisors

The EQT VIII fund (“EQT” or “EQT VIII”), in partnership with the Public Sector Pension Investment Board (“PSP Investments”) as co-investor, has been granted exclusivity to finalize the discussions to acquire Azelis (“Azelis” or “the company”) from funds advised by Apax Partners.

Azelis was established in 2001 through the merger of Novorchem (Italy) and Arnaud (France). It has since followed an active acquisition strategy to create a leading specialty chemical distribution network in Europe. Today, Azelis supports more than 43,000 customers who benefit from its application
know-how and technical support and have access to a wide product portfolio from more than 2,000 specialty raw materials producers. The company has 1,800 employees and sales of around EUR 1.8 billion.

EQT will support Azelis’ continued development by providing access to both operational and financial resources and by leveraging EQT’s expertise with buy-and-build strategies. In addition, EQT will provide digital capabilities and grant the company access to a global network of industrial advisors. Azelis’ current management team, under the leadership of Dr. Hans-Joachim Müller, will continue to lead the organization.

“Azelis holds a leading position in the attractive specialty chemical distribution space,” said Bert Janssens, Partner at EQT Partners, Investment Advisor to EQT VIII. “We have been impressed by how Azelis’ management team transformed the business from a predominantly European operator to a leading global platform. EQT looks forward to working with Hans-Joachim and his team on their continued growth journey.”

“We are constantly strengthening our capabilities to serve our key suppliers (“principals”) and our diverse base of customers,” said Dr. Hans-Joachim Müller, CEO of Azelis. “We are grateful for Apax’s support over the past three years and are excited to continue our journey together with EQT.”

EQT draws on comprehensive expertise and competence in business services. Since 1994, EQT has invested in many companies within the services sector. “EQT applies a long-term, responsible and sustainable development approach, relying on a consistent industrial logic,” explained Kristiaan Nieuwenburg, Partner at EQT Partners, Investment Advisor to EQT VIII. “Azelis will benefit from this growth-focused investment philosophy, as well as our sector expertise.”

“Strong relationships with leading private equity firms are at the core of our investment strategy, and we are excited to partner with EQT for the acquisition of Azelis,” said Simon Marc, ‎Managing Director and Head of Private Equity at PSP Investments. “Azelis is a global leader in an attractive market that has strong consolidation prospects. We are very pleased to back Azelis and its world-class management team in their next stage of growth.”

The transaction is subject to regulatory approvals and the necessary consultation with employee representatives being conducted, and is expected to close in the fourth quarter of 2018. The parties have agreed not to disclose the transaction value.

Bert Janssens, Partner at EQT Partners, Investment Advisor to EQT VIII, +31 202 62 4001
EQT Press office, +46 8 506 55 334
Verena Garofalo, Advisor, External Communications and Media Relations, PSP Investments, +1 514 218-3795,

About EQT
EQT is a leading investment firm with approximately EUR 50 billion in raised capital across 27 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More information:

About Azelis
Azelis is a leading distributor of specialty chemicals and food ingredients present in over 40 countries across the globe with around 1,800 employees. Our knowledgeable teams of industry, market and technical experts are each dedicated to a specific market within Life Sciences and Industrial Chemicals. We offer a lateral value chain of complementary products to over 40,000 customers, creating a turnover of EUR 1.8 billion. In the US we operate under a number of renowned co-brands that cater to the various markets in the region.

More information:

About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investment managers with USD 153 billion of net assets as of March 31, 2018. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt. Established in 1999, PSP Investments manages net contributions to the pension funds of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York and London. For more information, visit or follow us on Twitter and LinkedIn.


Categories: News