Advent International acquires leading specialty chemicals solutions provider Caldic from Goldman Sachs Asset Management

  • Caldic to join forces with GTM, creating a global market leader in specialty chemicals distribution that will operate under the Caldic brand
  • Extending global reach, the combination will accelerate growth prospects with investment in employees, technology and sites
  • Advent to add significant expertise in chemicals, resources and capital

Frankfurt, 22nd November 2021 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced that it has reached conditional agreement with Goldman Sachs Asset Management to acquire Caldic BV (“Caldic”), a global premium provider of value-added life sciences and specialty chemicals solutions with the ambition to be a true partner to its customers and principals. Caldic will then merge with Advent portfolio company Grupo Transmerquim S.A. (GTM), one of the leading chemical distributors in Latin America.

Caldic’s product portfolio includes innovative food ingredients, natural products and functional solutions for a variety of life sciences and industrial end-market segments. With a leading presence in Europe, North America and Asia-Pacific, Caldic employs around 1,200 people across 35 locations. The business generated sales of about €1 billion in 2020.

Ronald Ayles, Managing Partner and Global Head of Chemicals at Advent International added, “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.”

“Caldic has a well-established market position and very attractive growth opportunities. Its strengths lie in its global network combined with local expertise, giving the flexibility to meet customer-specific requirements. Combining this business with GTM, the leader in chemicals in the Latin-American market, will create a truly global industry leader,” said Patrice Etlin, Managing Partner at Advent International in Latin America.

With over 30 investments, Advent is one of the most experienced investors in the global chemical industry. The firm invests in well positioned companies with significant operational and strategic potential. Together with the management teams of its portfolio companies, as well as its strong global network of sector teams, external industry experts and operational partners, Advent seeks to create sustainable value by driving revenue and earnings growth.

In 2014, the firm acquired GTM, the second-largest chemical distributor in Latin America. Over its 35-year history, GTM has grown to become one of only two chemical distribution companies with a full Latin-American footprint. Under Advent’s ownership, the combination will have the opportunity to continue its growth and further accelerate it, both organically as well as through acquisitions.

Leveraging this expertise, Advent plans to support the management team in its efforts to establish the combination as a strong global platform. Advent’s strategy for the business centers on substantially investing in its employees, technology and sites. Additionally, Advent sees further growth potential through expansion and investment to strengthen the company’s already well-established market position.

The transaction is expected to close in the first half of 2022, subject to customary conditions and regulatory approvals. Terms of the agreement were not disclosed.

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 380 private equity investments across 42 countries, and as of June 30, 2021, had €68 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 245 private equity 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.

Advent has invested in over 30 companies in the chemicals industry over recent years. Examples include Röhm, one of the global market leaders in methacrylate chemicals, allnex, a global leader in resins for the paints and coatings industry, and Oxea, a leading supplier of oxo alcohols and oxo derivatives. In addition, Advent has invested in companies including VIAKEM, a leading manufacturer of fine chemicals, and GTM, a transnational distributor of chemical raw materials in Latin America.

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.

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