Gilde Equity Management sells Chemogas to trade

The transaction will be financed via Nasdaq-listed Balchem’s existing revolving credit facility and cash on hand. It is expected to be accretive to Balchem’s earnings per share in 2019, on an adjusted basis.

With this acquisition, Balchem will expand its geographic presence in the packaged ethylene oxide market. The Chemogas sites in Europe and Asia will form a global network of facilities when combined with Balchem’s sites in the US.

Gilde Equity Management acquired a majority stake in Chemogas from the Linde Group in an MBO in 2016 via GEM Benelux III, closed on €275m in 2014.              

Company
Founded in 1975 and headquartered in Grimbergen, Chemogas specialises in the packaging and distribution of a variety of speciality gases, most notably ethylene oxide, primarily in the European and Asian markets, for medical device sterilisation.

Chemogas’ 2019 revenues are expected to be €29m with an EBITDA margin of 30%.

The company acquired Malaysian sterilisation gases distributor Stereo Group in 2018.

People
Gilde Equity Management – Frederic Van den Weghe (partner).
Chemogas – Dirk Battig (CEO).

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