Clearwater advises on sale of silicone manufacturer

CLEARWATER Corporate Finance’s Manchester team has advised Caledonia Investments on its sale of silicones manufacturer Amber Chemicals to ICM Products.

Companies within the Somerset-based Amber Chemical group are ACC Silicones, Amber Silicones (Tianjin), Quantum Silicones, Siovation and Treco Srl.

Its product portfolio includes adhesives and sealants, anti-foams, coatings, emulsions, encapsulants, greases, lubricants, moulding rubber, release agents, silicone fluids and silicone foam.

Headquartered in Michigan, ICM Products is a manufacturer of silicone defoamers, emulsions and polymers for automotive, coatings, food processing, industrial and personal care applications. The company is backed by Century Park Capital Partners, a US private equity firm, which acquired ICM from its founder in January 2012.
 
The transaction sees ICM fulfil its global ambitions thanks to Amber Chemical’s plants in the UK, Italy and China, as well as its two further plants in the US.

In addition, ICM will become a global player in the silicones market thanks to Amber’s long-standing relationships with blue-chip customers in the aerospace, automotive, chemicals processing, electronics, food processing. moulding, personal care, photovoltaic and water treatment sectors.
 
Duncan Johnson, head of unquoted investments at LSE-listed Caledonia, said: “We were delighted to work with Clearwater, whose extensive chemicals sector knowledge and hands on approach were important to us identifying this strategic buyer and completing the sale.”
 
The Clearwater team consisted of partners Philip Nuttall and Constantine Biller and director Nick Horrocks.
 
Mr Nuttall said: “The sale of the Amber Group to a strategic US purchaser is a another example of ongoing consolidation in speciality chemicals. We are delighted to have found an owner whose ambitions are to accelerate the growth of the group whilst maintaining the identities of the individual companies.”