Astorg buys IGM Resins from Arsenal Capital Partners
Astorg has bought IGM Resins, a Dutch manufacturer of speciality coating chemicals, from New York-headquartered Arsenal Capital Partners.
Astorg's latest vehicle is Astorg VI, closed in June 2016 on €2.1bn. The GP typically invests €30-120m in small to mid-sized companies having an enterprise value between €100-800m, according to Unquote Data.
Arsenal Capital acquired a majority stake in the business in 2012 via its second and third funds, while the company's founder and former CEO John Huiberts kept a minority interest. Three years later, the business underwent a refinancing with facilities provided by HIG WhiteHorse and Deutsche Bank. The deal involved a dividend recap for majority owner Arsenal Capital, covering but not exceeding the repayment of IGM's existing equity bridge loan.
During Arsenal Capital's ownership, IGM bolted on Chinese UV curing specialist IHT in August 2014 and carved out the photoinitiator operations of Italian corporate Lamberti in June 2015.
Astorg has previous experience in the speciality chemicals sector, having owned Kerneos, a French chemicals company focusing on calcium aluminates for the building chemistry and refractory industries, for three years. The GP sold the business to industrial group Imerys for an estimated €880m.
Company
Founded in 1999 and headquartered in Waalwijk, IGM is a speciality photoinitiators manufacturer. The company offers a UV curable material service (photoinitiators, acrylates and additives) for the UV coatings and inks market. IGM serves markets including graphic arts, electronics, optical coatings and adhesives.
The business has manufacturing facilities in Europe, Asia and the US. In February 2018, Unquote sister publication Mergermarket reported that IGM generated EBITDA of €50m.
People
IGM Resins – Edward Frindt (CEO).
Astorg – Nicolas Marien (director).
Arsenal Capital Partners – Sal Gagliardo (industry & operations partner).
Advisers
Equity – Moelis & Company (corporate finance); Houlihan Lokey (corporate finance); Emendo Capital (corporate finance); Dechert (legal).
Vendor – Moelis & Company (corporate finance); Jones Day (legal).
Management – Jones Day (legal).
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