GTM completes acquisition of High Chem Specialties
Mexico City, Mexico, September, 21, 2016 – GTM Holdings, SA (GTM), the second-largest chemical distributor in Latin America, today announced that it has received approval from the Federal Commission of Economic Competition (COFECE) of Mexico to complete the acquisition of the Mexican distributor of specialty chemicals, High Chem Specialties México, S.A. de C.V.
High Chem Specialties was founded in 2002, and today, is one of the most recognized distribution companies focused on the specialty chemicals industry in Mexico. In 2015, the company generated sales of approximately US$40 million. This acquisition will enhance GTM’s service capabilities in Mexico and the rest of Latin America and is aligned with the company’s strategy to offer a robust line of products and services to its customers.
Advent International, a leading global private equity investor with a strong presence in Latin America, is the controlling shareholder of GTM and is providing equity financing to support GTM’s acquisition of High Chem Specialties.
High Chem Specialties and GTM México –an affiliate of GTM in the country – will now begin to integrate operations. During the transition, which will span several months and won’t affect customer or supplier relationships, each company will continue to operate under its current legal name and continue with normal business operations.
“The acquisition of High Chem Specialties supports our vision of creating a leading regional platform for GTM’s integrated services in the Americas”, said Michael van Marle, Chairman and CEO of GTM. “The strengths of both organizations will translate into synergies as well as a more robust and complete offering of products, value added services and innovative solutions for customers in Mexico and in other markets where GTM is present.”
“The legacy created by High Chem Specialties over the past 20 years in Mexico will continue to grow as we are now able to leverage GTM’s global experience in the chemical industry. GTM will provide a platform that will allow us to focus on the success of our customers, create growth opportunities for our suppliers and employees and implement our expansion plans into other regions and industrial sub-sectors,” said Eduardo Salinas, President and Director General of High Chem Specialities. Mr. Salinas will now be Vice President of Specialties and Business Development of GTM.
GTM was founded in 1983 in Guatemala. Since then, it has grown organically to become the second-largest distributor of chemical products in Latin America, and one of the two chemical product distribution companies with an entirely Pan American impact. GTM offers chemical products and logistics services to more than 10,000 clients in a variety of personal care industries for oil exploration through its 43 centers in 12 countries, ranging from Mexico to Argentina and its supply offices in the United States and China, as well as its exclusive commercial representations in India and South Korea.
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About High Chem Specialties
High Chem Specialties is one of the most recognized firms in the distribution of chemical specialties in Mexico. It commercializes and provides technical support with chemical products manufactured locally and internationally, focused on specialties, and is the representative and distributor of renowned multi-national chemical companies.
High Chem serves the Mexican market and also exports to Central America and the Caribbean from its four facilities in Mexico City, Guadalajara, Monterrey and Tijuana, and from its warehouses in Veracruz, Merida, Chihuahua and León.
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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 more than 300 private equity transactions in 40 countries and as of June 30, 2016, had $40 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of over 180 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom. After more than 30 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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