IMCD

Exit deal

After four years of ownership, AlpInvest Partners has sold its stake in IMCD to ABN AMRO Capital. Completion is subject to regulatory approval. No financial details have been disclosed, but it is believed that returns approximated a 3x money multiple. Paul Lamers, a partner on the buyout team, worked on the exit for AlpInvest and was joined by Arnoud Oltmans.IMCD is a provider of sales, marketing and distribution services to suppliers and users of speciality chemicals, pharmaceuticals and food ingredients in Europe as well as Australia and New Zealand. It is the only large international distribution company focused on speciality chemicals. Turnover of the company in 2004 amounted to E550m, and it employs around 700 staff. IMCD has previously been part of Internatio-Müller's general trading activities until 1995, when it was decided to combine the 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.

Previous funding

AlpInvest, then NIB Capital Private Equity, completed the leveraged buyout of the chemical distribution division of Internatio-Müller (IMCD) for approximately E195m in 2001 (page 25, June 2001). A debt syndicate provided E125m of the total, with NIB acting as lead underwriter, in a combination of mezzanine and senior debt to support the transaction. It was signed in May, and completed around July. Paul Lamers coordinated the original deal for AlpInvest. Since the 2001 buyout, IMCD has continued its pan-European growth strategy, not only organically, but also by completing various add-on acquisitions and initiating start-ups in Poland, Austria, Hungary, Turkey and Russia.

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• Benelux