Innospec complete £164m acquisition
ELLESMERE Port-based chemicals manufacturer Innospec has completed the £164m ($200m)acquisition of Huntsman Corporation’s European surfactants business.
The acquired operations supply a range of personal and home care speciality chemicals. The business is currently managed from Belgium with manufacturing bases in France Italy, has sales revenues of around £189m and employs approximately 430 people.
Innospec, which operates its European business from Ellesmere Port, said it will integrate the business into its Performance Chemicals division.
Innospec has an existing £164m revolving credit facility which is provided by a six-bank club comprising Barclays, Credit Suisse, Lloyds, The Royal Bank of Scotland, US Bank National Association and Wells Fargo. The banks are providing a £90m term loan of additional facilities to finance the acquisition.
Ian Cleminson, executive vice president and chief financial officer of Innospec, said: “This acquisition delivers on our commitment to build a larger Performance Chemicals segment and creates a balanced portfolio of strategic businesses under Innospec’s ownership.
“We enter 2017 in good shape to continue to grow, and deliver value to customers, employees and shareholders with the support of our banking group.”
Innospec employs 1,300 staff across 20 different countries. For the financial year ending 31 December 2015, the Innospec Group recorded revenues in excess of £820m.
The banks were advised by Addleshaw Goddard (Martin O’Shea, Caroline Gray), and Innospec was advised by DWF (Jonathan Edwards) and Deloitte (Richard Bell).
