Global buyout major Advent International has agreed to acquire €1bn-generating life sciences and specialty chemical producer Caldic BV from Goldman Sachs AM. Caldic will be merged with Advent portfolio company Latin American chemical distributor Grupo Transmerquim (GTM).
Caldic produces food ingredients and natural products for life sciences and industrial end-market segments. It generated €1bn in sales last year from Europe, North America and Asia-Pacific.
Ronald Ayles, managing partner and global head of chemicals at Advent International said, “For the chemical and distribution industry, this is a time of great change, reorganization and consolidation – and for us as a committed private equity buyer, one of great opportunity. As with all our investments, we pursue a long-term growth approach and intend to support Caldic throughout its next phase of growth.
“We see great prospects in the combination with GTM, nearly doubling the size of the New Caldic from the start and we look forward to working in close cooperation with the highly qualified employees and management team to firmly establish the combination as a global growth platform.”
Advent had invested in more than 30 chemical companies, it bought into GTM in 2014 to grow it into a chemical distributor with full Latin America footprint.
It also bought into Mexican crop-protection-chemicals producer Viakem SA in 2016.
Advent International is reportedly out eyeing up to $25bn for a mammoth new fund last month.
The mega-fundraise came just two years after it hit a $17.5bn hard cap close for its previous flagship investment vehicle, GPE IX. It closed Fund VIII on $13bn in 2016.
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