Bain-backed Italmatch buys Norwegian startup Eco Inhibitors

With the integration of Eco Inhibitors' technologies, Italmatch plans to diversify and expand its product range in the oil & gas industry. It will also manufacture and commercialise, through its Advanced Water Solutions business unit, three classes of biodegradable low-dosage hydrate inhibitors.

Italmatch generates annual revenues of €600m, employs a staff of 900 people and operates seven manufacturing plants based in Europe (Italy, Spain, Germany and UK), five in Asia (China, Japan and India), and five in the US, as well as several distribution subsidiaries located in Brazil, Belgium, China, Japan, India, Poland, Singapore and the US.

Bain Capital acquired Italmatch from Ardian in June 2018 in a deal reportedly valued at around €700m. The GP invested via its fourth Europe-focused fund, Bain Capital Europe IV, which held a final close in 2014 on €3.5bn.

The SBO ended a four-year holding period for Ardian, which bought a 67.7% stake in Italmatch from Mandarin Capital Partners and a minority holding from the Malacalza family in 2014, reaching a total ownership of 88%. The deal valued the company at around €220m at the time.

Previous funding
In 2012, Eco Inhibitors received funding from Wellwork Innovation, which invests in the development of new technologies within the oil & gas sector. As part of the deal, Wellwork partner Shona Grant joined the company's board as chair. 

Company
Established in 2011 and based in Stavanger, Eco Inhibitors develops biodegradable and eco-friendly low-dosage hydrate inhibitors able to prevent hydrate formation and secure effective and sustainable transport of oil and gas. The company's inhibitors are produced from raw and natural materials, including recovered salmon waste.

People
Italmatch Chemicals – Sergio Iorio (CEO).

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