Transaction helps to create a “highly reliable and competitive” Logistics Network in the United States
Global chemical distributor Brenntag SE (Essen, Germany) last week said it has acquired all operating assets and the business of Matrix Chemical, LLC [“Matrix”] (San Juan, PR – United States), a Solvents distributor and the largest distributor of Acetone in North America, for an undisclosed sum.
The company distributes Acetone and a selection of other other Solvents to customers in the U.S. and in Canada, with storage tanks at bulk terminals in Houston, TX, Chicago, IL, Vanport, PA and Wilmington, NC. In 2021, sales to-date are approx. USD 200 mn (ca. EUR 170 mn). Industries covered include Adhesives, Paints & Coatings and Personal Care.
Signing and closing of the transaction occured simultaneously, Brenntag said in the announcement. No financial details or other terms were disclosed regarding this transaction.
Source: Brenntag press release
HGE – DCG / 10.08.2021
Creation of the leading Food Ingredients Distributor in the United States
Global chemical distributor Brenntag SE (Essen, Germany) earlier in the week announced the acquisition of the US-based Storm Chaser Holding Corporation [“JM Swank”] (North Liberty, IA – United States) from Platinum Equity (Beverly Hills (Los Angeles), CA – United States). The company is a leading distributor of food ingredients and reported sales of approx. USD 500 mn in 2020. At an enterprise value of USD 304 mn, Brenntag announced the move as “a decisive step in expanding Brenntags’s position in the North American Nutrition industry and a key acquisition aligned with Brenntag’s M&A strategy.”
Brenntag said the acquired company offers a highly diversified product portfolio of food ingredients, such as Spices, Dairy, Grain, Sweeteners, Fats & Oils, Texturants, Flavours & Colours, Starches Cocoa, and Inclusions. The broad product line complements Brenntag’s existing portfolio in the Nutrition industry.
According to Randy Cimorelli, Chief Executive Officer of consolidated JM Swank, Lentz Milling and Armour Specialty Marketing companies, “the combined scale and resources [of Brenntag and JM Swank] will provide a bigger and even better platform to serve our customers and lead the market in food ingredient distribution.”
Source: Brenntag press release; JM Swank website
HGE – DCG / 25.06.2021