The chemical group Italmatch Chemicals has acquired the Chinese company Jiayou Chemical, active in the production and sale of phosphonate-based additives, from the Ecolab Group. The operation includes the production site in the Changzhou area.
“After closing 2017 with important acquisitions in North and South America, we are very happy to start 2018 with the achievement of this significant agreement for the Italmatch Chemicals Group in the Asia Pacific Region – says Sergio Iorio, CEO of the group – China today represents a rapidly growing market, particularly in the water treatment sector, characterized by high quality and high environmental standards, in line with the objectives of the Central Government aimed at improving the levels of environmental protection of chemical companies, fully aligned with Italmatch Chemicals strategic objectives in the Asia-Pacific region”.
Meanwhile, private equity firm Ardian is considering various options, including the sale, of its Italian subsidiary Italmatch Chemicals. The Reuters agency wrote it, specifying that the company could be valued at around 600 million euros. A formal auction process will likely begin in the second half of this year and a formal financial adviser appointment should be awarded before the summer.
Italmatch — a producer of additives for the lubricants and plastics industries, as well as specialty chemicals and cosmetics — was acquired by Ardian in 2014, for 220 million euros. Subsequently, the company grew through a series of acquisitions, including Compass Chemicals and Solvay's water additives business. Italmatch closed 2017 with an ebitda of 65 million euros; this year the gross operating margin should reach 70 million.
Among the potential buyers of Italmatch are the German industry Lanxess and the private equity operators Cinven, Rhone Capital and Platinum.
