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    All posts by Guenther Eberhard

    U.S. Distributor JNS-SmithChem buys CheMarCo

    Continued Consolidation in the U.S. Distribution Market

    U.S. regional full-line distributor JNS-Smithchem, LLC (Paterson, NJ – United States) recently announced the acquisition of  CheMarCo, Inc. (Greenville, SC – United States), a distributor of specialty chemicals with regional activities in the southeastern part of the country.  CheMarCo was established in 1981 and besides additives from ca. 30 suppliers also distributes technical equipment.

    The combined distribution territory covers 26 states, including the entire east coast, from New England to Florida and west to Ohio, Oklahoma, and Texas. The product lines focus on the Paints, Coatings, Inks, Adhesives, Building Materials, Plastics and Rubber amongst others. In 2019, JNS-Smithchem alone had sales of ca. USD 30 mn.

    No financial details were disclosed on the transaction.

    Source: JNS-Smithchem website, CheMarCo website

    HGE – DCG / 08.02.2021

    Fecc postpones 2021 Congress by a Year

    Series of virtual Meetings planned for original Congress Date 20. May 2021

    According to a note on its website, Fecc, the European Association of Chemical Distributors (Brussels, Belgim) has announced that “after careful consideration of the current COVID-19 situation and the uncertainties that remain for the coming months, the Fecc Board has made the decision to postpone our annual event to 2022”. The exact date is still to be confirmed.

     

    Fecc Director General Dorothée Arns and her staff are working on a series of virtual meetings to be held on the originally scheduled main congress day 20. May 2021, which will include accompanying sessions for the Assembly of National Associations, Company Members and the General Assembly Plenary. In the announcement Fecc said, the plans is also to “invite inspirational speakers who will give talks on the state of the world and of distribution.”

     

    Source: Fecc website

     

    HGE – DCG / 05.02.2021

     

     

    OQEMA invests in Austrian Distributor CB Chemie

    German Distribution Group enters into strategic Partnership for Austria

    Chemicals distributor OQEMA AG (Mönchengladbach, Germany)  has recently acquired a majority share in CB Chemie GmbH (Baumgarten, Austria) for an undisclosed sum. 

    Established in 2016 by Dr. Christian Braunshier, the company has a focus on Paints & Coatings and Construction Chemicals / Building Materials. The Food sector is supplied with natural ingredients through its subsidiary CB Nutrition GmbH.

    No financial details were disclosed on the transaction.

    Source: OQEMA post on LinkedIn, CB Chemie press release

    HGE – DCG / 03.02.2021

    Brenntag converts from German AG to European SE

    Group continues Operation from Essen, Germany HQ under a two-tier Board Structure

    Global chemical distributor Brenntag SE (Essen, Germany) announced  that it has completed the process of changing from a German Aktiengesellschaft “AG” (i.e. a public limited company or stock corporation) to a Societas Europaea “SE” (i.e. European Company).  The group is now doing business as Brenntag SE. The conversion, which is effective 01. February 2021, was initially announced by Management and Supervisory Board in autumn of 2019 and subsequently approved by shareholders at the Ordinary General Meeting on 10. June 2020.

     

    Brenntag SE will keep its headquarters in Essen and continue operating under a two-tier structure with a Management and a Supervisory Board, as before. The onversion will not affect the responsibilities or composition of either board. Brenntag said the SE is an internationally recognised legal form which is viewed positively by the capital market.

     

    Source: Brenntag press release

     

    HGE – DCG / 02.02.2021

    Univar Solutions reaches Agreement to divest Distrupol

    U.S. based Distributor exits European Plastics Distribution Activities in Private Equity sponsored Transaction

    Global chemicals and ingredients distributor Univar Solutions, Inc. (Downers Grove, IL – United States) will exit its Plastics distribution activities in Europe. Its UK-based subsidiary Distrupol Ltd. (Chertsey, Surrey – United Kingdom) and related companies located in the Benelux and the Nordic regions are going to be acquired by GPD Companies, Inc. (The Woodlands (Houston), TX – United States of America), an affiliate of One Rock Capital Partners, LLC for an undisclosed amount.

     

    GDP Companies is a holding company formed by One Rock Capital Partners with the objective of creating a “leading group of global value added distributors [for Polymers]”. One of its operational entities is Nexeo Plastics, the announcement said. Upon consumation of the transaction, Distrupol will join the group.

     

    Source: GPD Companies press release, DistriConsult analysis

     

    HGE – DCG / 29.01.2021

    Brenntag to acquire Food Ingredients Distributor Zhongbai Xingye in China

    Expansion in Food Ingredients to augment Product Offering in China

    Global chemical distributor Brenntag AG (Essen, Germany) announced that the group has signed an agreement to acquire Zhongbai Xingye Food Technology (Beijing) Co., Ltd [“Zhongbai Xingye”], (Beijing, China), a company which is dedicated to the distribution of a wide variety of Specialty Food Ingredients, including Dairy Products and Proteins, in a two step process.

     

    The investment comprises an initial  67% stake, and a second tranche of the  remaining 33%, which will be acquired by Brenntag by end of 2024. The transaction is valued at an Enterprise Value of about EUR 90 mn.

     

    According to the announcement, the acquired business generated sales of approx. EUR 146 mn over the twelve-months period up to June 2020. Closing of the first tranche is subject to certain contractual conditions and regulatory approvals and is expected to be completed in the first half of 2021. The business will be part of the groups’s global division Brenntag Specialties.

     

    Source: Brenntag press release

     

    HGE – DCG / 29.01.2021

    Brenntag has acquired UK-based ICL Packed Ltd.

    Global Distributor strengthens Capabilities for Water Treatment Products in the United Kingdom

    Global chemical distributor Brenntag AG (Essen, Germany) announced  that the group has acquired ICL Packed Ltd. (Grays (London), United Kingdom), a subsidiary of Industrial Chemical Ltd. [“ICL”]. The acquired business is a specialist in the distribution of packaged chemicals for Water Treatment.

    As part of the transaction, activities for packaged products located in Selby and West Thurrock will close and will be transferred to Brenntag. ICL’s plants and other capabilities will be retained at both sites. This includes the bulk tanker business, according to a related statement by ICL.

    In addition to the acquisition, the transaction includes Brenntag securing a supply agreement with ICL who is a large manufacturer of Caustic Soda, Hydrochloric Acid, Iron & Aluminium Coagulants as well as Sodium Hypochlorite in the UK.

    The acquired business is expected to generate sales of approx. GBP 11 mn in the financial year 2020. Signing and closing of the transaction were realized simultaneously. No further financial details were disclosed on the transaction.

    Source: Brenntag press release; ICL website

    HGE – DCG / 29.01.2021

    Biesterfeld to re-organise Plastics Division

    Biesterfeld Plastics to operate in five Business Units in the Future

    Polymers and speciality chemicals distributor Biesterfeld AG (Hamburg, Germany),  announce that its Polymers Distribution division Biesterfeld Plastics GmbH  (Hamburg, Germany) in the future will have five instead of the previous three globally oriented business units: Advanced Polymers, Engineering Polymers, High Performance Polymers, Performance Elastomers and Sustainable Polymer Solutions. The division will continue to be managed by Carsten Harms, Management Spokesperson for Biesterfeld Plastic and Member of the Executive Board of Biesterfeld AG. 

    High Performance Polymers and Performance Elastomers will be headed by Dietmar Zinkand, who was responsible for the original Engineering Polymers business unit prior to the reorganisation. Business Manager for the new Engineering Polymers unit will be Martin Rathke, an internal appointment. Advanced Polymers will be overseen by Wilhelm Postel. The new business unit Sustainable Polymer Solutions will be managed by Martin Umbach, Managing Director of Biesterfeld Plastic and Business Manager for Sustainable Polymer Solutions.

    Further staff will be added over time and as the business grows, Biesterfeld said in the announcement. The changes becam effective on 01. January 2021.

    .

    Source: Biesterfeld press release

    HGE / DCG – 26.01.2021

    Food Distributor Arlès Agroalimentaires changes Name to Caldic Ingredients France

    Caldic fully aligns French Food Ingredients Activities

    International producer and distributor of food ingredients and chemicals, Caldic B.V. (Rotterdam, The Netherlands) has announced that it’s subsidiary Arlès Agroalimentaire SAS (Rognac, France), which it had acquired in autumn 2019, upon full integration into the group has changed its name to Caldic Ingredients France SASU, effective 01. January 2021.

     

    Source: Caldic press release

     

    HGE – DCG / 25.01.2021

     

    Azelis announces Agreement to acquire CAME in Italy

    Private Equity owned Distribution Group expands Market Coverage in Italy with Add-on Acquisition

    Specialty chemicals and food ingredients distributor Azelis S.A. (Munsbach, Luxembourg) has recently announced that it has signed an agreement to acquire 100% of the shares of Came Chemical Mineral and Engineering S.r.l. [“CAME”] (Origgio (VA), Italy). The company is specialized in the distribution of chemicals for “friction & sintering applications”, CASE (Coatings, Adhesives, Sealants & Elastomeres), and Cosmetics.

    CAME’s employees will all join Azelis, including two of the owners, Verena Cepparulo and Gianni Minetto. The transaction is expected to close during Q1-2021. No financial information was disclosed on the transaction.

    Source: Azelis press release

    HGE – DCG / 29.01.2021

    VMP Chemiekontor acquires Hamburg-based Quaan

    Consolidation in German Distribution Market continues

    Privately held chemical distributor VMP Chemiekontor GmbH (Siegburg, Germany) has recently announced the acquisition of Quaan GmbH (Hamburg, Germany), a trader and distributor of Additives, Fillers, Pigments, Resins and Solvents for the CASE (= Coatings, Adhesives, Sealants & Elastomers) sector from sole shareholder Harry Reimers for an undisclosed sum.

     

    Source: VMP Chemiekontor website

     

    HGE – DCG / 18.01.2021

    Azelis to invest in Assi Primera Kimika Inc. and Phil-Asiatic Supply & Services Inc.

    Private Equity owned Distribution Group further expands Asia-Pacific Coverage and enters Philippines

    Specialty chemicals and food ingredients distributor Azelis S.A. (Munsbach, Luxembourg) has recently announced that it will acquire a majority of the shares of Assi Primera Kimika Inc. [“APKI”] and Phil-Asiatic Supply & Services Inc. [“PSSI”] (Alabang, Muntinlupa, Metro Manila – Philippines), two distributors of specialty chemicals. No financial details were disclosed on the transaction, which is expected to close during the next three months.

     

    APKI and PSSI, which were established in 2007 by Mr. Mohd Kassim bin Salleh and the late Ms. Cris S. Aquino, are primarily focused on the Personal Care industry, but are also active in Home Care, Paints & Coatings, Construction Chemicals,  Inks and certain industrial chemical markets.

     

    In the annoucement Azelis stressed that “… principals have already expressed interest in building a strong portfolio with us in the country once we enter into this partnership, also in industries other than the ones where APKI and PSSI are currently active.”

     

    Source: Azelis press release

     

    HGE – DCG / 18.01.2021

    Univar Solutions appoints James Holcomb President North America Chemical Distribution

    U.S. based Distributor augments North American Leadership Team

    Global chemicals and ingredients distributor Univar Solutions, Inc. (Downers Grove, IL – United States) announced that it has appointed James B. Holcomb to the position of President of North America Chemical Distribution, with responsibility for the chemical distribution businesses in the U.S. and Canada.  Role. His first priority will be growing sales in North America in relation to non-specialty products and otherwise optimizing the effectiveness of the North American salesforce, Univar said in the announcement. In this role, he joins Jennifer McIntyre, SVP, Chief Streamline Officer and Head of North American Operations, and Nick Powell, SVP and President Specialty Chemicals & Ingredients in the leadership team.

    Holcomb, who received his bachelor’s degree in business administration from the University of Kentucky and a master’s degree in business administration from the University of Memphis, is an alumnus of the International Management Course at Ashridge University in the United Kingdom. He has more than 25 years of experience in the industry and joins Univar Solutions after having been previously employed by Brenntag. There he held the role of Chief Operating Officer for Brenntag North America. 

    Source: Univar press release

    HGE – DCG / 18.01.2021

    LBB Specialties acquires Florida-based Distributor Custom Chemical Services

    NYC-based Distribution Group further expands Geography covered in another Consolidation Move

    U.S. chemical distribution investor LeBaronBrown Specialties LLC [“LBB Specialities”] (New York, NY – United States), has recently announced that it has acquired a majority interest in Custom Chemical Services, Inc. [“CCS”] (Medley (Ft. Lauderdale), FL – United States), a distributor of specialty chemicals, for an undisclosed sum.

    CCS was founded as in 2004 by Chad Hicks and Bob Lewis. The company supplies  customers in Personal Care, Life Sciences and Food & Nutrition from its head office in Ft. Lauderdale (FL) as well as satellite facilities in Dallas (TX), Savannah (GA) and Kearney (NJ). Chad Hicks will continue to manage the business, the announcement said. No financial details were disclosed on this transactions.

    Source: LBB Specialties LLC press release; CCS website

    HGE – DCG / 18.01.2021

    Hawkins expands Water Treatment with C&L Aqua Deal

    Water Treatment Group of Hawkins, Inc. is now present in Louisiana

    North American chemical distributor Hawkins, Inc. (Roseville, MN – United States) has recently announced that the company has acquired substantially all of the assets of C&L Aqua Professionals, Inc. and LC Blending, Inc. [together “C&L Aqua”] (Sulphur, LA – United States) for an undisclosed sum.

     

    Hawkins said that Steve Belshe, President of C&L Aqua and LC Blending will “continue to be involved in the business going foward”.

     

    Source: Hawkins website

     

    HGE – DCG / 14.01.2021

    Nexeo Plastics announces Joost D’Hooghe as VP EMEA

    New European Leader joins from Polymers and Materials Manufcaturing Industry

    Internationalpolymers distributor Nexeo Plastics, Inc. (The Woodlands (Houston), TX – United States of America) earlier this week announced Joost D’Hooghe as its new vice president of EMEA. He will be responsible for “continued development and expansion of the company’s footprint throughout the region across all existing and prospective vertical markets”. The role was previously held by Paul Tayler, Chief Executive Officer of Nexeo Plastics.

    D’Hooghe joins Nexeo Plastics from DSM Engineering Materials, a global manufacturer of materials, where he last served as Vice President of Business Lines, leading  a global team in Automotive, Electrical and Industrial and Consumer Electronics Materials. He held several progressive positions at DSM, including Commercial Director of EMEA and European Sales Manager. Previous stations in his career included Promens, a tier-1 Automotive manufacturer and Steelweld BV (part of VDL Group), an equipment manufacturer.

    D’Hooghe holds a Master of Science degree in aerospace engineering from the Technical University of Delft and an Executive MBA from the Rotterdam School of Management.

    Source: Nexeo Plastics press release

    HGE – DCG / 07.01.2021

     

     

    Azelis announces Agreement to acquire CW Pacific

    Private Equity owned Distribution Group expands Asia-Pacific Coverage

    Specialty chemicals and food ingredients distributor Azelis S.A. (Munsbach, Luxembourg) has recently announced that it has signed an agreement to acquire 100% of the shares of CW Pacific, Elle Bee Exports, CW Pacific Specialties and EB1 Pty Ltd [“CW Pacific”] (Mosman (Sydney), NSW – Australia) for an undisclosed sum from founders Skip Webb and Camiel Huisman.

     

    Founded in 1997 and currently employing 17 people, CW Pacific specializes in the distribution of food ingredients for the Bakery and Meat markets as well as specialty chemicals for the Horticulture market. The company primarily serves the Australian market, but also Papua New Guinea, New Zealand and other Pacific Islands. All employees will become part of Azelis, including founder and managing director Skip Webb. CW Pacific has offices in Sydney, Melbourne and Brisbane including a food test kitchen (in Brisbane), that provides innovative solutions to its customers, Azelis said in the announcement.

     

    Source: Azelis press release

     

    HGE – DCG / 29.12.2020

    Brenntag acquires Canadian Chemical Distributor Alpha Chemical

    Global Distributor strengthens Presence in Eastern Canada

    Global chemical distributor Brenntag AG (Essen, Germany) announced  that the group has signed an agreement to acquire Alpha Chemical Ltd. (Dartmouth, Nova Scotia – Canada), a full-line chemical distributor with a focus on Oil & Gas, Mining, Water Treatment and Aquaculture.

     

    According to the announcement, the acquired business generates annual sales of approx. USD 12 mn (approx. EUR 10.5 mn). Closing of the transaction is expected to be completed in early January 2021, subject to customary closing conditions. No further financial details were disclosed on the transaction.

     

    Source: Brenntag press release

     

    HGE – DCG / 29.12.2020

    Azelis has hired Eduardo Salinas as Managing Director Latin America

    Specialty Chemicals Distribution Group plans for Expansion in Latin Amercia

    Specialty chemicals distributor Azelis S.A. (Munsbach, Luxembourg) has announced the appointment of Eduardo Salinas as Managing Director Latin America (LATAM) within its Azelis Americas regional unit. He will report to Frank Bergonzi, CEO Americas and is charged with geographic expansion in the region, particularly through the group’s M&A strategy, the annnouncemnt stated. Azelis has entered Latin America with the acquisition of Mexican distributor Megafarma in early 2020.  

    Salinas holds a degree in Chemical Engineering from UNAM, Mexico City and an MBA from ITAM University, Mexico city. Previous stations in his career were distributors GTM Holdings S.A. and High Chem Specialties Mexico, where he was a co-founder, as well as chemical producers Air Products, Eastman and Ciba Geigy.

    Source: Azelis press release, LinkedIn, DistriConsult analysis

    HGE – DCG / 28.12.2020

    Brenntag appoints Ewout van Jarwaarde as Chief Transformation Officer

    Management Board expanded with newly created CTO Position

    Global chemical distributor Brenntag SE (Essen, Germany) announced  that it has appointed Ewout van Jarwaarde as new Member of the Board of Management and Chief Transformation Officer (CTO). He will assume his role in the newly created position as of 01. January 2021 and will be responsible for the execution of the company’s global transformation program “Project Brenntag”,  which is supposed “to further expand the company´s leading market position and drive sustainable organic earnings growth”.

     

    Van Jarwaarde, a 37-year-old Dutchman, will also “be responsible for driving functional excellence, realising digital and data-driven business opportunities as well as developing the group-wide IT and indirect procurement functions”,  Brenntag said in the announcement. Most recently he was CEO of CarNext.com, a marketplace for high quality used cars, part of LeasePlan (Amsterda, Te Netherlands) with operations across Europe. At LeasePlan, he was responsible for its used car business for the development, launch and scaling of CarNext.com. Prior to this position van Jarwaarde was a Partner at McKinsey & Company in Amsterdam focusing on strategy development, commercial and operational excellence transformations and building digital and data-driven capabilities across various industries globally.

     

    Source: Brenntag press release

     

    HGE – DCG / 21.12.2020

    STOCKMEIER has acquired a Majority Share in Innochem N.V.

    German Distributor augments Business Activities in Belgium

    Chemicals distributor STOCKMEIER Group (Bielefeld, Germany) has acquired a majority share in Innochem N.V. (Meehout, Belgium), a privately managed distributor of specialty chemicals for an undisclosed sum. The transaction was effective 01. July 2020.

    Source: Stockmeier website

    HGE / DCG – 21.12.2020

     
     

     

    IMCD to acquire Mexican Distributors Millikan and Banner Química

    Guenther Eberhardguenther

    Further Momentum for IMCD’s Growth Plans in Mexico

    Specialty chemicals and food ingredients distributor IMCD N.V. (Rotterdam, The Netherlands) has announced the acquisition of Millikan S.A. de C.V. [“Millikan”] and Banner Química S.A. de C.V. [“Banner Química”] (Mexico City, Mexico), two distributors of specialty chemicals. This follows the establishment of IMCD Mexico in April 2020, a company that serves the Pharmaceuticals, Food, Nutrition and Personal Care industries.

     

    Millikan was established in 1998 and offers technical support and commercial expertise to customers in the Food, Nutrition, Pharmaceuticals and Industrial markets. Banner Química, set up in 2009, has a history in providing  formulations and solutions for Personal Care and Home Care.

     

    The two companies collectively generated revenues of USD 15 mn (ca. EUR 13.1 mn) in 2019 and will add 60 employees to the IMCD Mexico team, the announcement said. IMCD’s technical capabilities will also be enhanced through the addition of Food and Personal Care laboratories. No financial details were disclosed on these two transactions.

     

    Source: IMCD press release

     

    HGE – DCG / 07.12.2020

    Univar Solutions acquires CASE Business of Zhuhai Techi Chem in China

    U.S. based Distributor expands Footprint in China with Asset Deal for Silicones Distribution

    Global chemicals and ingredients distributor Univar Solutions, Inc. (Downers Grove, IL – United States) recently announced that its wholly owned subsidiary, Univar Solutions China Co. Ltd., has reached an agreement with Zhuhai Techi Chem Silicone Industry Corporation [“Techi Chem“] (Zhuhai, Guangdong Province – China) to acquire the business to distribute innovative specialty silicone solutions used primarily for the Coatings, Adhesives, Sealants, and Elastomers (“CASE” ) market for an undisclosed amount.

     

    The entity, which was established in 2001, has in-depth application know-how and an extensive logistics network across China.  The transaction  is expected to close in mid-December. No financial details were disclosed.

     

    Source: Univar press release

     

    HGE – DCG / 07.12.2020

    IMCD to acquire the Personal Care Business of Ejder Kimya

    Guenther Eberhardguenther

    Expansion of Personal Care Coverage in Turkey

    Specialty chemicals and food ingredients distributor IMCD N.V. (Rotterdam, The Netherlands) has announced the signing of an agreement to acquire the Personal Care business of Ejder Kimya İlaç Danışmanlık Sanayi ve Ticaret A.Ş. [“Ejder Kimya”] (İstanbul, Turkey) for an undisclosed sum..

     

    Ejder Kimya was founded in 1999 and is a Turkish chemicals distributor of additives and raw materials for the Personal Care, Pharmaceuticals and Food industry.

     

    The Personal Care business at the heart of the deal generated revenues of EUR 4.7 mn in 2019, IMCD said in the announcement. Closing of the transaction is subject to customary closing conditions and regulatory approvals, and is expected to take place in January 2021.

     

    Source: IMCD press release

     

    HGE – DCG / 30.11.2020

    IMCD to acquire the Pharmaceutical Business of Peak International

    Further Addition to Pharmaceuticals Business Group of IMCD

    Specialty chemicals and food ingredients distributor IMCD N.V. (Rotterdam, The Netherlands) announced last week that it has signed an agreement to acquire the pharmaceutical business of Peak International Products B.V. [“Peak International”] (Eerbeek, The Netherlands), a distributor for Active Pharmaceutical Ingredients (“API”) selling in the Benelux region, Vietnam, Germany and Israel.

    The business within the scope of the transaction generated revenues of approx. EUR 5.8 mn in 2019. It will be integrated into IMCD’s Business Group Pharmaceuticals, the company said in a statement. No further financial details were disclosed on the transaction.

    Source: IMCD press release

    HGE – DCG / 10.11.2020

    Barentz to acquire Sevecom S.p.A. in Italy

    Netherlands-based Life Science Ingredients Distributor enhances its Position in Animal Nutrition with further “Buy & Build” Deal

    Life science ingredients distributor Barentz International N.V. (Hoofddorp, The Netherlands) announced that it has acquired Sevecom S.p.A. (Milano, Italy), a distributor of Animal Feed ingredients and additives, particularly Emulsifiers, for an undisclosed sum.

     

    Founded in 1978 by Nazzaro Serino and Enrico Pigorini, Sevecon provides a range of ingredients and additives to the feed industry and to livestock breeders. The company has a range of own developments and patented formulations. According to the announcement “Sevecom’s small team of specialists is well known for its deep knowledge and technical solutions, delivering products with high nutritional and high technological value at the same time.”

     

    Driving force behind the transaction is the plan to “further strengthen [the] position in the Animal Nutrition market, and its ‘buy-and-build’ strategy to achieve global leadership in life science ingredients markets”, Barentz said in a statement.

     

    Source: Barentz press release

     

    HGE – DCG / 06.11.2020

    Brenntag announces Outline of Transformation Program

    “Project Brenntag” to deliver signifcant Contribution to Operating EBITDA with Site Network Optimisation and Workforce Reduction

    Global chemical distributor Brenntag AG (Essen, Germany) announced  that the Board of Management and the Supervisory Board have decided on the key parameters of the group’s transformation program dubbed “Project Brenntag”, which is aiming at a further expansion of Brenntag’s leading market position and also at sustainable organic earnings growth.

     

    The announcement follows a recent media release on the future operation model with two distinct global devisions and changes to the Board of Managemnt, effective 01. January 2021.    

     

    Key parameters of the program include an optimisation of the site network, with the intention to close ca. 100 sites globally as well as a reduction of the global workforce of approx. 1’300 (i.e. ca. 7.5% of a current total of 17’500 employees) over the next two years.  The company is planning to implement the reduction in a “socially responsible manner”, the statement said.

     

    The overall net cash outflow for the project is forecasted to be EUR 370 mn. Brenntag expects an Operating EBITDA contribution from the project that increases year by year to a full level of EUR 220 mn per annum, which should be reached in the beginning of 2023.

     

    Source: Brenntag press release

     

    HGE – DCG / 27.10.2020

    Barentz to acquire Singapore-based Nardev Chemie

    Netherlands-based Life Science Ingredients Distributor further expands Presence in Asia-Pacific

    Life science ingredients distributor Barentz International N.V. (Hoofddorp, The Netherlands) announced yesterday that it has acquired Nardev Chemie Pte. Ltd. [“Nardev”] (Singapore, Singapore), a leading distributor of ingredients for the Personal Care industry in the Asia-Pacific region for an undisclosed sum.

     

    Founded in 1989, Nardev is a highly specialised distributor, operating in Indonesia, Thailand, Vietnam, Malaysia and Singapore. Its approx. 90 employees provide technical support and formulation development from in-house laboratories, and state-of-the-art logistics for a portfolio of ca. 3’000 products, the announcement said. The current management team will remain active in the business.

     

    Source: Barentz press release

     

    HGE – DCG / 23.10.2020

    Caldic to acquire Brand-Nu Laboratories and BNL Sciences in Transatlantic Deal

    Rotterdam-based Distributor to expand global (Bio)pharmaceutical Activities

    International producer and distributor of food ingredients and chemicals, Caldic B.V. (Rotterdam, The Netherlands) has announced that it has signed an agreement to acquire Brand-Nu Laboratories Inc. [“Brand-Nu”] (Meridien, Connecticut – United States) and its subsidiary BNL Sciences Ltd. [“BNL Sciences”] (Naas , Co. Kildare – Ireland), two distributors of high purity specialty chemicals and biological raw materials.

    Privately-owned Brand-Nu was set up in 1956. The company serves customers in the Pharmaceutical, Biopharmaceutical, Medical Device and Microelectronic industry with a range of high purity chemicals, excipinets and biological raw materials, Caldic said in the statement. BNL Scienes was established in 2003 and caters to Biopharmaceutical, Pharmaceutical and Medical Device producers. The leadership teams around John Gorman, President of Brand-Nu will continue to work in the business.

    No financial details were disclosed on the transaction, which is expected to close by end of the year, subject to certain customary closing conditions and regulatory approvals.

    Source: Caldic press release

    HGE – DCG / 23.10.2020

     

    Caldic appoints new CEO, Olav van Caldenborgh joins Board of Directors

    Executive Management Change at Dutch Distribution Company

    International producer and distributor of food ingredients and chemicals, Caldic B.V. (Rotterdam, The Netherlands) announced that its long-time CEO Olav van Caldenborgh will join the Board of Directors of Caldic Holdco B.V., where he will be taking on new responsibilities as non-executive director. He is to “strengthen Caldic’s leading food ingredients and specialty chemicals distribution market position and continue its strong growth trajectory.”


    Olav van Caldenborgh,  who took over the CEO position 14 years ago, led Caldic’s transformation from a regional full-line distributor into a global distributor of food ingredients and speciality chemicals, the announcement said. This transformation included the divestment of the company’s Formaldehyde production and tank storage activities earlier this year. During this time, Caldic grew from a turnover of EUR 400 mn to EUR 900 mn, closing 20 M&A deals and giving the the group a differentiated specialty service offering.

     


    In a related move, Alexander “Xander” Wessels has been appointed CEO and joined Caldic effective 12. October 2020. He is an industry veteran with over 30 years of food ingredient, pharma and chemicals experience. Before joining Caldic he was CEO of chemical company Archroma, where he earlier this year took over the Vice Chairman position. Previously he has held executive positions in DSM, heading the Food Specialties and later the Pharma Business Groups, Campina, ICI Plc. and Unilever N.V. Plc.

     

    Source: Caldic press release

     

    HGE – DCG / 19.10.2020

     

     

    Brenntag to acquire Comelt and Aquadepur in Italy

    Expansion into Activated Carbon based Water and Air Purification Applications for Brenntag

    Global chemical distributor Brenntag AG (Essen, Germany) announced  that the group has signed an agreement to acquire Comelt S.p.A. (Cernusco sul Naviglio (MI) – Italy) and its subsidiary Aquadepur S.r.l. (Cogliate (MB), Italy) for an undisclosed sum.  According to the announcement, the two businesses focus on the processing, marketing, and distribution of Activated and Re-activated Carbon for different applications such as Water Filtration and Purification of Air and Flue Gas. Included in the transaction are warehouses and a laboratory located in Northern Italy.

     

    The acquired business generated sales of approx. EUR 31 mn in FY2019, Brenntag said. No further financial details were disclosed on the transaction, which is expected to close during this quarter, after certain contractual conditions have been met and regulatory approvals have been obtained.

     

    Source: Brenntag press release

     

    HGE – DCG / 19.10.2020

    Barentz enters Agreement to acquire Maroon Chemical

    Netherlands-based Life Science Ingredients Distributor invests in a significant Expansion of its Activities in North America

    Life science ingredients distributor Barentz International N.V. (Hoofddorp, The Netherlands) announced yesterday that it has entered into a definitive agreement to acquire Maroon Group [“Maroon”] (Avon, Ohio – United States) a leading specialty chemicals distributor in North America with national operations covering the the U.S. market as well as activities across Canada through its subsidiary Cambrian Solutions Inc. (Oakville, Ontario -Canada).

     

    Founded in 1977, Maroon generates an annual turnover of approx. USD 500 mn, the statement said. The group has approx. 300 employees that cover sectors such as HI&I [Cleaning], Personal Care & Pharmaceutical, Food & Nutrition, and CASE [Coatings, Adhesives, Sealants & Elastomers] across North America, supported by technical expertise and several specialised application laboratories. According to Barentz, Terry Hill, CEO of Maroon Group, and his entire Management Team will continue to manage the operations.

     

    No financial details were disclosed on the transaction, which is expected to close by end of this year.

     

    Source: Barentz press release, Maroon Group website, Cambrian Solutions website

     

    HGE – DCG / 15.10.2020

    2M Holdings Ltd. expands Dry Ice Business in Germany

    UK based Group takes over Business from Air Liquide to reach nationwide Coverage

    Chemicals services group 2M Holdings Ltd. (London, United Kingdom), parent company of chemical distributors Banner Chemicals and Surfachem has expanded its Dry Ice business in Germany by acquiring the Dry Ice business from Air Liquide (Paris, France) through its subsidiary CE-O2 Trockeneis GmbH (Düsseldorf, Germany).

    The acquired business, which operates from 9 supply locations across Germany, will become part of CE-O2 Trockeneis GmbH and make the company a a nationwide dry ice supplier across Germany.

     

    Dry Ice is supporting and enabling many industries, 2M Holdings said in the announcement. It “is essential for many of the things we depend on daily, with life-saving consequences in some cases.” Typical uses are in:

     

    • Pharmaceuticals / Life Sciences – to support the transportation of tissues and biological samples or vaccines, and other life-saving applications.
    • Food – the preservation of food and reduction of waste when transporting many food products.
    • Industrial Services – the cleaning of sensitive industrial plants through dry ice blasting.

    The newly acquired business will be managed by Philipp Lüdicke, Managing Director of CE-O2 Trockeneis GmbH. No financial details were disclosed on the transaction.

     

    Source: 2M Holdings press release

     

    HGE – DCG / 12.10.2020

    Caldic acquires Swedish Distributor Humlegårdens Ekolager

    Rotterdam-based Distributor selectively expands Brewing Industry Coverage

    International producer and distributor of food ingredients and chemicals, Caldic B.V. (Rotterdam, The Netherlands) has recently announced the acquisition of Humlegårdens Ekolager AB (Sollentuna, Sweden) a specialised distributor of brew ingredients and solutions for craft breweries in Sweden.


    As a family-owned business, which was founded in 1992 by Eva Fahleson Ekelin and Svante Ekelin, the company has a targeted offering that consists of high-quality ingredients including malts, hops and yeasts, which are being distributed to all major Swedish craft breweries. They can  also be ordered through Humlegårdens’ online sales platform for the home brewing market.


    Besides being “a great fit with Caldic’s existing activities in the European brew ingredients markets”, Humlegårdens’ commercial expertise with digital technology, is seen as “an important step in gaining experience with online distribution platforms”, Caldic said in the statement.

     

    No financial details were disclosed on the transaction.

     

    Source: Caldic press release

     

    HGE – DCG / 06.10.2020

     

    Brenntag introduces new Operating Model

    Two global Divisions: Brenntag Essentials and Brenntag Specialties

    As per 01. January, global chemical distributor Brenntag AG (Essen, Germany) will run the company following a new operating model with two global divisions, Brenntag Essentials and Brenntag Specialties. The company said last week, it wants to gain “a sharpened profile towards relevant industry segements” through this “core element of the company’s transformation program PROJECT BRENNTAG that aims to set the base for sustainable organic earnings growth in a rapidly changing market environment.”

     

    According to the announcemnt, “Brenntag Essentials will market a broad portfolio of process chemicals across a wide range of industries and applications. The division will leverage scale with flexible and cost-efficient delivery at competitive prices and a highly efficient business process backend. Brenntag Essentials builds on its global reach and comprehensive product portfolio and continues to follow a geographic and regional logic.” Steven Terwindt, Member of the Management Board of Brenntag Group (and current CEO North America), will be the future COO Brenntag Essentials.

     

    Brenntag Specialties is to be led by Henri Nejade, Member of the Management Board of Brenntag Group (CEO Europe ad interim and CEO Asia-Pacific) as future COO Brenntag Specialties. The division “will focus on ingredients and value-added services that are directly used in the production of the customers’ end-products” in selected industries: Nutrition, Pharma, Personal Care / HI&I (Home, Industrial & Institutional), Material Science (Coatings & Constructions, Polymers, Rubber), Water Treatment and Lubricants. According to Brenntag, these focus industries are large globally relevant industries characterized by high regulatory requirements and a significant potential to promote technical solutions.

     

    With the introduction of this new structure the Management Board will be made up of Dr. Christian Kohlpaintner as CEO, Georg Müller as CFO and Steven Terwindt and Henri Nejade as COO of Brenntag Essentails and Brenntag Specialties, respectively. The comapny will introduce the role of a Chief Transformation Officer (CTO) who has yet to be appointed. The CTO will have resposibility “for the overall transformation process initiated, drive functional excellence and the digital transformation of Brenntag.”  Brenntag also said it has has already appointed the new Level-1 Leadership Team members, who are charged with driving the implementation and execution of the new operating model.

     

    Source: Brenntag press release

     

    HGE – DCG / 28.09.2020

    Safic-Alcan hires Domenico Lo Corto to augment its Plastics Team

    Paris-based Distributor enhances Business Development Capabilities

    Specialty Chemicals distributor Safic-Alcan S.A. (Puteaux (Paris), France) announced that it has named Domenico Lo Corto as Business Development Director for Plastics, effective 07. September 2020. 

     

    Lo Corto, who holds degrees in Chemistry from the University of Milano and an MBA from the University of Bologna (Italy),  brings with him “30 years of experience in Engineering Plastics and Additives with strong expertise in compounding, transformation and polymerization as well as a good team leader spirit in a cross-cultural environment”, the announcement said. He has held a number senior global leader roles at multinational companies such as Domo, Aquafil EP, Nexeo, Softer, Rhodia, and Great Lakes.

     

    Source: Safic Alcan press release

     

    HGE / DCG – 28.09.2020

    IMCD has acquired Kokko-Fiber in Finland

    Expansion of Composites Material Activities in Northern Europe

    Specialty chemicals and food ingredients distributor IMCD N.V. (Rotterdam, The Netherlands) announced last week that it has acquired 100% of the share capital of Oy Kokko-Fiber Ab [“Kokko-Fiber”] (Kokkola, Finland), a supplier of fiber-reinforced plastic / composite materials in Finland.

     

    The company was founded in 1994. It serves a broad customer base that includes many of the largest Finnish companies that use fiber-reinforced plastics in their operations, IMCD said in the announcement. The company has five employees and posted a revenue of EUR 9.0 mn in 2019.

     

    The company will continue with its present management and staff. No financial details were disclosed on this transaction.

     

    Source: IMCD press release

     

    HGE – DCG / 22.09.2020

    Brenntag releases new Forecast for FY2020

    Operating EBITDA expected to be comparable with FY2019 or marginally higher

    Following yesterdays meeting of its Board of Management, global chemical distributor Brenntag AG (Essen, Germany) has published a new forecast for 2020. Due to the uncertainty associated with the COVID-19 pandemic,  the original forecast published in the 2019 annual report was suspended in April.

    Brenntag says it has achieved “sound earnings growth in the first half of 2020”, despite the adverse impact of the COVID-19 pandemic on general economic performance,  a result it attributes to “the resilience of its business model”.

    With current business performance in line with the Board of Management’s expectations and an operating EBITDA in July and August 2020 slightly above the prior-year figure on a constant currency basis, Brenntag now expects operating EBITDA for FY2020 to reach a level of EUR 1’000 mn and EUR 1’040 mn. This compares to EUR 1’001.5 mn reached in 2019.

     

    Brenntag said its new forecast is based on the assumption “that there will be no further significant government measures to contain the pandemic and related negative effects on the economy”. “[The] forecast does not envisage any special items or significant changes in current exchange rates in the further course of the year. It includes the contributions to earnings from acquisitions” the statement said.

    The interim report for the results of Q3-2020 is scheduled to be published on 04. November 2020.

     

    Source: Brenntag press release

     

    HGE – DCG / 16.09.2020

    Safic-Alcan announces new Executive Committee

    Paris-based Distributor has grown Revenue three-fold since 2007

    Specialty Chemicals distributor Safic-Alcan S.A. (Puteaux (Paris), France) earlier this week announced that it has expanded its management team with the creation of a seven member Executive Committee. It is composed of long-serving senior managers of the group and will be fully operational by end of this year:

     

    • Martial Lecat – Chairman of Holding Company MYRTIL
    • Philippe Combette – Chairman Safic-Alcan
    • Jean-Michel Guyon – Chief Finacial Officer
    • Philippe Cenreaud – Managing Director Rubber & Plastics
    • Juliette Gamez – Chief Digital Officer
    • Yann Lissilour – Managing Director CASE, Head M&A
    • Jose Lora – Managing Director Life Sciences

    The group is operating a network of 25 offices, located in across Europe, in Turkey, the Middle East, China, North America and South Africa. A staff of 630 generated a turnover of EUR 648 mn in FY2019, growing three-fold since 2007  (equivalent to a CAGR of ca. 9.6% per annum), Safic-Alcan said in the statement.

     

    Source: Safic Alcan press release, DistriConsult analysis

     

    HGE / DCG – 16.09.2020

    IMCD to acquire Indian Pharma Excipients Distributor Signet

    Further Pharma Growth for IMCD in Asia-Pacific and Middle East, Africa

    Specialty chemicals and food ingredients distributor IMCD N.V. (Rotterdam, The Netherlands) announced yesterday that it will acquire 100% of Signet Excipients Private Limited [“Signet”] (Mumbai, Maharashtra – India), one of the leading distributors of excipients in India, in a two-phase transaction. IMCD will now acquire 70% of the share capital from the founders, and the remaining 30% by 2024. Harish Shah, Founder and Managing Director oft Signet, will continue to lead the company post completion of the first phase.

    Since its foundation in 1986, Signet grew from a small distribution company to one of the leading distributors of excipients in India, the anouncement said. The company focusses on the distribution of Pharmaceutical, Nutraceutical and Bio-pharma Excipients across a range of categories such as Diluents, Fillers, Sweeteners, Disintegrants, Binders, Surfactants and others. Besides sales in India, Signet is also active in Bangladesh, the Middle East and Africa,  currently serving more than 900 customers, with more than 400 products from leading excipient producers. With approximately 100 employees, Signet generated revenue of ca. EUR 152 mn (INR 13.2 bn) in the last twelve months (up to and including June 2020), and realised a normalised EBITA of ca. EUR 39 million (INR 3.4 bn).

    IMCD said it considers Signet to be well aligned with the IMCD business model and strategy, providing a significant platform for further growth in India and the Asia-Pacific region, giving the transaction a strong strategic rationale.

    Closing of the transaction is subject to customary closing conditions and regulatory approval. It is expected to take place in Q4-2020. No financial details were disclosed on this transaction.

    Source: IMCD press release

    DistriConsult comment: In a separate anouncement today IMCD said, to finance the purchase of the first tranche of 70% of the shares of Signet, it has successfully raised ca. EUR 400 mn through an accelerated bookbuild offering of new shares. Any surplus will be used for “general corporate purposes”.

    HGE – DCG / 16.09.2020

    Barentz to acquire Dutch Spice Specialists Royal Polak and De Weerd

    Netherlands-based Life Science Ingredients Distributor enhances its Activities in “Taste & Nutrition”

    Life science ingredients distributor Barentz International N.V. (Hoofddorp, The Netherlands) announced that it has acquired two Dutch spice specialists, Royal Polak Spices (J.S. POLAK Koninklijke Specerijenmaalderij B.V.) and De Weerd Spicerijen B.V. (Steenwijk, The Netherlands) for an undisclosed amount.

     

    Royal Polak is Europe’s leading business-to-business for Cinnamon, Bartetz said in the announcement. De Weerd is focused on natural taste development for the Meat, Snack and Vegetarian sub-sector. The businesses are complementary to the existing activities of Barentz. Jac Sars, previous owner of the two companies, has become a Board Member of Barentz Group and a Strategic Advisor.

     

    No further financial details were disclosed on the transaction.

     

    Source: Barentz press release

     

    HGE – DCG / 10.09.2020

    IMCD to acquire Siyeza in South Africa

    Further enhanced Pharma Industry Coverage for Rotterdam based Distribution Group

    Specialty chemicals and food ingredients distributor IMCD N.V. (Rotterdam, The Netherlands) announced earlier this week that it has signed an agreement to acquire 100% of the shares in ingredients distributor Siyeza Fine Chem Propriety Limited [“Siyeza”] (Johannesburg, South Africa).

    Founded in 2007, the company is a leading distributor of Pharmaceutical, Veterinary, Food and Personal Care speciality chemical ingredients in South Africa, IMCD said in the announcement. The company has 27 employees and generated revenues of EUR 11.7 mn in 2019. It represents producers from Europe and Asia.

     

    Closing of the transaction is subject to a regulatory review. It is expected for December 2020. The company will continue with its present management and staff.

     

    No financial details were disclosed on this transaction.

     

    Source: IMCD press release

     

    HGE – DCG / 04.09.2020

    Barentz to acquire Conneco Chemicals in the Czech Republic

    Netherlands-based Life Science Ingredients Distributor enhances its Position in the Health & Nutrition Field

    Life science ingredients distributor Barentz International N.V. (Hoofddorp, The Netherlands) announced that it has acquired Conneco Chemicals s.r.o. (Prague, Czech Republic), a specialist in formulating Dietary Supplements and Blending Ingredients for the Sport Nutrition, Fitness & Wellness, and Health Food markets.

     

    The company was founded in 1994 by Sara Hronkova and has activities in both the Czech and the Slovak Republic. No financial details were disclosed on this transaction.

     

    Source: Barentz press release

     

    HGE – DCG / 02.09.2020

    IMCD has acquired VitaQualy in Brazil

    Consolidation continues in the Brazilian Ingredients Distribution Market

    Specialty chemicals and food ingredients distributor IMCD N.V. (Rotterdam, The Netherlands) announced earlier in the week that it has acquired 100% of the outstanding shares of VitaQualy Comércio de Ingredientes LTDA [“VitaQualy”] (São Paulo, SP – Brazil), a specialty ingredients distributor serving the Food & Nutrition, Pharmaceuticals and Nutraceuticals markets.

    In 2019, VitaQualy generated revenues of BRL 26 mn (ca. EUR 7.2 mn) with 8 employees. The company will be fully integrated into IMCD’s organisation in 2021, the statement said. 

    No financial details were disclosed on this transaction.

    Source: IMCD press release

    HGE – DCG / 21.08.2020

    Kalle Kettunen appointed Managing Director of Algol Chemicals

    Finnish Distribution Group names Industry Veteran to Leadership Position in Chemicals

    Privately owned multi-branch industrial and healthcare products supplier Algol Group (Espoo, Finland) has announced the appointment of Kalle Kettunen as Managing Director of it’s  largest subsidiary Algol Chemicals Oy effective 15. August 2020.

    Kettunen, who holds an M.Sc. (Tech.) and a MBA degree, has previously held management positions in the chemical and the paper industry in Finland, Sweden and China, Algol said in the statement.  He joins from Finex Oy, a supplier of Chromatographic Separation Resins and other Specialty Resins, since 2016 owned by Johnson Matthey,  where he was Managing Director. Before that he was CEO of Telko Ltd., a supplier of plastic raw materials and industrial chemicals.

    In a releted move, Frederik Hansson, who has served as Managing Director “ad interim” since December 2019 when previous Managing Director Juha Jokinen decided to leave the comany, will return back to his normal role on the company’s Management Board.

    Source: Algol website, Finex website, DistriConsult analysis

    HGE – DCG / 07.08.2020

    Azelis releases first Sustainability Report

    New Report covers group-wide Sustainability Efforts in 2019

    Specialty chemicals and food ingredients distributor Azelis S.A. (Munsbach, Luxembourg) has recently published its first sustainabilty report that covers the groups global sustainability efforts and actions in 2019. The company said it wanted to report on its performance and demonstrate “… how its commitments to sustainability are put into action, by creating shared value with our innovative and sustainable products and having a positive impact on the communities around the globe.”

     

    Azelis had obtained its second and consecutive EcoVadis Gold rating earlier this year. A few months ago it also communicated that it has gained membership in the Together for Sustainability (“TfS”) chemical industry initiative.

     

    Source: Azelis press release

     

    HGE – DCG / 03.08.2020

    Brenntag acquires Caustic Soda Distribution Assets in the U.S. from Suffolk Solutions Inc.

    Brenntag expands Industrial Chemicals Coverage on the East Coast

    Global chemical distributor Brenntag AG (Essen, Germany) announced  that it has acquired the operating assets for Caustic Soda distribution from Suffolk Solutions, Inc. (Suffolk, Virgina – United State), in order to get “greater supply flexibility, manoeuvrability and additional storage capacity” in the region.

     

    Suffolk Solutions, founded in 2005, has access to a bulk terminal as well as to a rail transloading facility within the state of Virginia.

     

    The acquired business generated sales of approximately USD 15.6 mn in the 12-month period ending 30. April 2020, Brenntag said. No further financial details were disclosed on the transaction.

     

    Source: Brenntag press release

     

    HGE – DCG / 03.08.2020

    Azelis announces Agreement to acquire Orokia Israel Ltd.

    Private Equity owned Distribution Group enters enters Market in Israel for the first Time

    Specialty chemicals and food ingredients distributor Azelis S.A. (Munsbach, Luxembourg) has recently announced that it has signed an agreement to acquire  Orokia Israel Ltd. (Netanya, Israel), a distributor of specialty chemicals.

    Created in 2005, Orokia today is active in multiple market segments.  Representing several of what Azelis calls “blue chip principals”, the company serves a range of industries, such as Agrochemicals, Animal Nutrition, Personal Care, Food, Pharmaceuticals and Industrial Chemicals. All of Orokia’s employees will move to Azelis, the statement said.

    No financial information was disclosed on the transaction.

    Source: Azelis press release, DistriConsult analysis

    HGE – DCG / 24.07.2020

    Kai Froböse appointed new CFO of the Biesterfeld Group

    Management Change at Biesterfeld AG following retirement of long-time CFO Christian Wolfsohn 

    Polymers and speciality chemicals distributor Biesterfeld AG (Hamburg, Germany),  has appointed Kai Froböse as the new Chief Financial Officer. effective 01. July 2020. He succeeded Christian Wolfsohn, who has retired from Biesterfeld AG at the end of June 2020, after more than 14 years as CFO.

     

    Froböse, who graduated with a degree in business administration, has experience in the logistics, wind power and automotive sector, where he held various management positions in the fields of finance, business development, purchasing and project management. Over more than 15 years, he has accumulated extensive experience in international corporate structures as well as in family-owned companies, according to the statement.

     

    Biesterfeld press release

     

    HGE / DCG – 14.07.2020

    Maroon Group has acquired Holland Chemicals

    Further consolidation in the U.S. Specialty Chemicals Distribution Industry

    North American specialty chemicals distributor Maroon Group LLC (Avon, OH – United States) announced that it has acquired Holland Chemicals Inc.  (Burr Ridge, IL – United States), a distributor of specialty chemicals and ingredients for Personal Care, Household & Industrial Cleaning, Food, and general industrial markets. Holland Chemicals’ management team, led by Jonathon Rhodes, will continue to actively manage the business on a day-to-day basis, Maroon Group said in the statement.

    Neither financial details nor terms of the transaction were disclosed.

    Source: Maroon Group website

    HGE – DCG / 06.07.2020