IMCD

Investors

ABN AMRO Capital has completed its third acquisition in the Netherlands this year with the secondary buyout of IMCD from AlpInvest Partners. No financial details have been disclosed. ABN AMRO will hold a majority stake, with the management team remaining an important shareholder in the company. BNP Paribas ran the auction, in which ABN AMRO was granted exclusivity, as it proved its understanding of the business and its intent to back the managements growth ambition to support IMCD's expansion model. The deal process started in April, with completion subject to regulatory approval and expected to happen in September.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). The investor provided around E135m comprising a combination of mezzanine and senior debt to support the transaction. 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.

Debt structure

Bank of Scotland will be the underwriter of the complete debt package. Financial details and structure information will remain undisclosed.

Company

Rotterdam-based 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. Marc Staal of ABN AMRO Capital comments that the investor is keen to back add-on acquisitions in the still fragmented market.

People

Marc Staal led the deal team for ABN AMRO Capital, and was joined by Maurice Bronckers, Bert-Jan Rozestraten and Jochem In 't Velt. Both Staal and Bronckers will become board members of the company. Pieter van der Stikker is CEO of IMCD.

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• Benelux