H.I.G. Capital, LLC (“H.I.G.”), a leading global private equity investment firm with over $25 billion of equity capital under management, is pleased to announce that its portfolio company, Valtris Specialty Chemicals (“Valtris”), has acquired INEOS ChloroToluenes (“ICT”) and INEOS Baleycourt (“Baleycourt” and, together with ICT, the “Companies”) from INEOS Enterprises. The combination creates a global specialty chemicals business with a broad product portfolio, strong technical capabilities and world-class customer service.
With production facilities in Belgium and the Netherlands, ICT is a leading producer of chlorinated toluenes and related derivatives that are used in coatings, flavor & fragrance, personal care and pharmaceutical applications. Based in northeast France, Baleycourt produces high-quality products that serve the polymer additives, lubricant, renewable energy and food markets.
Paul Angus, CEO of Valtris commented, “ICT and Baleycourt are highly strategic acquisitions with strong secular growth drivers that significantly enhance our product portfolio, expand our European presence and strengthen our technology and production capabilities. We are excited to offer our customers an even broader solution offering and pursue the attractive, new growth opportunities that the acquisitions create.”
Ashley Reed, CEO of INEOS Enterprises added, “We are proud of ICT and Baleycourt’s accomplishments as part of the INEOS family. Both Companies have built industry leading businesses with reputations for product quality, service reliability and customer satisfaction. We are confident that the Valtris team is the right partner for ICT, Baleycourt, and their employees.”
Keval Patel, Managing Director at H.I.G. commented, “We are pleased to add ICT and Baleycourt to the Valtris platform. The Companies have achieved impressive growth and have capabilities that are highly complementary to Valtris. We look forward to continuing to support the Valtris team and are very excited about the future prospects of the business.”
H.I.G. currently has seven active portfolio investments in the chemicals sector, and ICT and Baleycourt represent H.I.G.’s 17th and 18th acquisitions in the sector since 2008.
Source: Valtris
The future CEO of thyssenkrupp Uhde, Nadja Håkansson, has held various management positions at Siemens and Siemens Energy and looks back on over 18 years of national and international experience in the areas of supply chain management, operations, sales and corporate management.
Neste and South Korean company Lotte Chemical have partnered on a project to elevate the sustainability profile of chemicals and plastics. The partnership’s ambition is to replace fossil resources with renewable raw materials that offer a lower carbon footprint.
At least the confidence in the chemical sector has been seeing an upward trend and the trade balance is recovering as destocking seems to be coming to an end. Citing projections from the European Central Bank, CEFIC states that the level of inflation is expected to fall from 5.4% in 2023 to 2.3% in 2024.
