Ardian's Italmatch buys Magpie Polymers

Greg Gille
07 July 2017

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Italmatch, an Italian chemicals business owned by Ardian, has acquired French company Magpie Polymers, previously backed by Emertec Gestion.

In September 2012, Fonds Lorrain de Materiaux (FLM) invested in Magpie Polymers, a provider of a filtration technology, acquiring a minority stake for €500,000. FLM is managed by Emertec Gestion.

Mandarin Capital Partners sold its 67.6% stake in Italmatch Chemicals to Ardian, marking the company's fifth private-equity-backed buyout, in mid-2014.

Ardian's plans for the company at the point of investment included international expansion with a focus on the US and Asia. The business has been following an acquisitive growth strategy in recent years.

Mandarin picked up Italmatch in November 2010, acquiring a 70% stake in a deal valued at around €100m. It bought the business from Investindustrial, which reaped an IRR of 35% and a money multiple of 3.5x from the sale, according to unquote" data.

Founded in 1997 through the Investindustrial-backed management buyout from Saffa Group – which was established in 1929 – Italmatch is headquartered in Genoa. It manufactures speciality chemicals, namely phosphorus derivatives. Products include phosphorus-based additives for engine lubricant oil and plastics.

The company generates revenues of €340m and employs 500 staff.

Company
Established in 2011, Magpie Polymers provides a filtration technology for the selective removal of transition metals from industrial waste and process water. It also recovers captured, scarce and valuable metals. The company is based in Saint Pierre Les Nemours, France.

It posted a €145,800 turnover in 2015.

People
Italmatch Chemicals – Sergio Iorio (CEO).
Magpie Polymers – Steven van Zutphen (CEO).