ABN AMRO Capital has purchased specialty chemicals distributor IMCD in a secondary buy-out from AlpInvest Partners. This investment is the third acquisition by ABN AMRO Capital in the Netherlands this year. In this secondary buy-out, management will remain an important shareholder in the company. The intended acquisition is subject to the customary regulatory approvals.
Since its acquisition by AlpInvest in early 2001, IMCD has continued its successful pan-European growth strategy aimed at strengthening the product portfolio and the geographical coverage of the company. Besides organic growth, various smaller add-on acquisitions have been made and start ups were realized in Poland, Austria, Hungary, Turkey and Russia.
IMCD is a leading provider of sales, marketing and distribution services to suppliers and users of specialty chemicals, pharma and food ingredients in Europe as well as Australia and New Zealand. It is the only large international distribution company focused on specialty chemicals. Turnover of the company in 2004 amounted to EUR 550 million. IMCD employs approximately 700 staff. For 2005, the company expects strong growth in revenues.
IMCD has previously been part of Internatio-Mller’s general trading activities. In 1995, Internatio-Mller decided to combine its chemical distribution assets in the Benelux, France and New Zealand in a new business unit under the name IMCD. The current management team has been leading the company for more than 10 years.
“ABN AMRO Capital has developed a thorough understanding of our business. We have found the right partner to continue our European expansion model and our strategy in Asia/Pacific,” according to Pieter van der Slikke, CEO of IMCD.
Marc Staal, Managing Director of ABN AMRO Capital in the Netherlands, said: “The purchase of IMCD offers the opportunity to invest in a very well managed company. IMCD has a strong market position in a broad range of specialty chemical niches and a strong brand name to suppliers. We are keen to back add-on acquisitions in the still fragmented distribution market.”
The purchase is ABN AMRO Capital’s third in the Netherlands this year, following its purchase of a majority stake in Dutch textile services company Fortex last month, and the investment in holiday parks operator Roompot announced earlier this week. Since the beginning of 2005, ABN AMRO Capital has completed 7 buy-outs in Europe with an aggregate deal value of EUR 1.6 billion and has realized 3 exits this year.