Advent buys Caldic from Goldman Sachs

Harriet Matthews
22 November 2021

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Advent International is to acquire speciality chemicals business Caldic from Goldman Sachs Asset Management.

Following the acquisition, the GP intends to merge Caldic with its São Paulo-headquartered portfolio company Grupo Transmerquim, which it acquired in 2014. The merger will almost double Caldic's size, according to a statement.

Unquote sister publication Mergermarket reported in September 2021 that Morgan Stanley and Goldman Sachs had been mandated to run the auction process for Caldic, which was to be marketed based on EBITDA of more than EUR 100m. The company was expected to be valued at more than EUR 1.5bn.

In November, Mergermarket reported that Advent and German chemicals company Brenntag were among the parties remaining in the process as it headed towards binding offers.

Goldman Sachs Asset Management acquired Caldic in 2017 via a buyout from founder Joop van Caldenborgh. The company made a series of add-ons during the investment period, including US-based Brand-Nuy Laboratories; Ireland-based BNL Sciences; Sweden-based Humlegårdens Ekolager; and Malaysia-based DCM Asia.

Company
Founded in 1970, Caldic is a chemicals producer specialising in life sciences and speciality chemicals. Its core markets are pharmaceuticals and personal care, food, and industrials, where it provides services including cleaner formulation and heat transfer fluids. The business posted revenues of EUR 1bn in 2020 and employs 1,200 staff in 35 locations.

People
Advent International – Ronald Ayles (managing partner, global head of chemicals); Patrice Etlin (managing partner).
Goldman Sachs Asset Management – Mike Ebeling (managing director).
Caldic – Alexander Wessels (CEO).