Mergers & Acquisitions

Bain Capital Private Equity enters into definitive agreement with Ardian to acquire Italmatch Chemicals

Bain Capital Private Equity enters into definitive agreement with Ardian to acquire Italmatch Chemicals
Photo courtesy of Italmatch.

Bain Capital Private Equity, a leading global private investment firm, announced that it has signed a definitive agreement to acquire Italmatch Chemicals S.p.A., a global specialty chemical additive manufacturer based in Genoa, Italy, from Ardian, a world-leading private investment house.

Founded in 1997 by current CEO Sergio Iorio, Italmatch is a leading global manufacturer of specialty chemical additives, operating across four key business units: Water & Oil Treatment, Lubricants, Flame Retardants & Plastic Additives, Performance Products & Personal Care. In 2017, the Company generated sales of approximately EUR 400 million (USD 462 million). Italmatch has 17 manufacturing sites and 780 employees across Europe, the U.S.A. and Asia.

Over the past four years under Ardian ownership, Italmatch has more than doubled its sales, both organically and through acquisitions, with nine transactions completed worldwide. Today, the company is a global business which focuses on specialty products in resilient and high-value end-markets.

“We are grateful to Ardian for the strong support of Italmatch’s growth over the last four years, mainly through the successful completion of nine acquisitions in our core markets. At the same time, we are proud and honored by Bain Capital’s decision to support Italmatch through its next phase of growth. We think we have a solid and wide base to build upon through innovation. We are convinced that Bain Capital, thanks to its experience in the chemical sector and its strong global reach, is the right partner to bring Italmatch to the next level, and we are excited about our next years of cooperation with Bain Capital,” said Sergio Iorio, CEO of Italmatch.

“When Ardian partnered with Italmatch four years ago we had no doubt that the growth path planned with Sergio Iorio and his team would be a success. It has been an incredible journey with a fantastic team of professionals. We are very proud to exit from this investment, which is now a solid and innovative international group with an established presence in key markets such as U.S.A. and Asia,” said Yann Chareton, managing director of Ardian in Italy.

“Italmatch has a global reputation with its customers for high-quality innovative products, and an impressive growth track record. Leveraging our experience in the chemicals sector and our global presence, we look forward to supporting Sergio Iorio and the rest of the management team to continue growing the company, both organically and through an ambitious plan of strategic acquisitions,” added Ivano Sessa, a managing director at Bain Capital Private Equity.

The transaction remains subject to regulatory approval.

Ardian is a world-leading private investment house with assets of USD 71 billion managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 500 employees working from 14 offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo). It manages funds on behalf of around 700 clients through five pillars of investment expertise: Funds of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

Bain Capital Private Equity’s global team of approximately 220 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital Private Equity has offices in Boston, New York, London, Munich, Mumbai, Hong Kong, Shanghai, Sydney, Tokyo, Seoul and Luxembourg and has made more than 760 primary and add-on investments to date. In addition to private equity, Bain Capital invests across asset classes including credit, public equity and venture capital, managing approximately USD 95 billion in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.

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