Private equity firm Bain Capital agreed to buy Italian chemicals maker Italmatch from french investor Ardian, the companies announced on Thursday, defeating rival bids from KKR and Cinven.
The firm did not disclose a deal value, but sources familiar with the matter told Reuters on Wednesday that Bain will pay around 700 million euros ($808.71 million) to take control of the Genoa-based company.
Italmatch has been controlled by Ardian since 2014 and Bain said in a statement that under Ardian ownership, Italmatch has more than doubled its sales over the past four years.
Bain Capital Managing Director Ivano Sessa said the firm is seeking to grow Italmatch organically and through acquisitions.
Ardian had hired Goldman Sachs and BNP Paribas to kick off an auction process in the second quarter, which mainly drew interest from private equity investors, including KKR, Bain and Cinven.
It started sounding out potential bidders earlier this year to take advantage of high sector valuations.
Italmatch, founded in 1997 through a management buyout of phosphorus derivatives maker Saffa, has expanded its global footprint in recent years through a series of acquisitions.
By Sangameswaran S
Source: Reuters
PepsiCo Europe and crop nutrition company Yara have announced a long-term partnership aimed at providing European farmers with low-carbon crop nutrition solutions to help decarbonise the food value chain. Under the agreement, Yara will supply PepsiCo with up to 165,000 tons of fertiliser per year by 2030, covering around 25% of the food and beverage giant’s crop fertiliser needs across Europe.
BASF has signed an agreement to sell its flocculants business for mining applications to Solenis, a specialty chemicals manufacturer. The divestment of the flocculants business to Solenis is part of BASF’s ongoing portfolio optimisation with the aim of focusing on strategic core areas.
ADAMA Ltd. a leading crop protection company, announced that its board of directors has appointed Gaël Hili as its President and Chief Executive Officer, effective October 1, 2024. Hili will join the Syngenta Group Leadership Team and will be based in Tel Aviv.
