Acquisition deal completed for chemicals manufacturer
Halifax-based business Aquaspersions has been acquired from its founding family shareholders by CBPE Capital, which is investing alongside the management team led by CEO Alan Bewsher.
Aquaspersions makes specialist chemicals for the global polymer industry. Its products allow for the dispersion of additives into polymer materials such as rubber, latex, adhesives, coatings and plastics.
These additives are crucial to the manufacturing process, and enable end products to attain enhanced properties such as increased durability.
The business has achieved 10% per annum revenue growth over the last 13 years and reported revenue of £35m for the year to December 2020.
Its products are water-based, so are more environmentally friendly than alternative organic solvent-based dispersions. And it means the company is well positioned to take advantage of the long-term industry trend towards water-based manufacturing.
The business will continue to operate from its existing facilities in Halifax and Kuala Lumpur, Malaysia
Alan Bewsher, CEO of Aquaspersions, said: “We are delighted to lead the management buyout of Aquaspersions.
“We will continue to focus on supporting our customers and on developing our product range to meet the growing demand for water-based dispersions and emulsions.
“We chose CBPE as our partner based on a strong working relationship together with their chemicals industry experience and network.”
The investment was led by Mathew Hutchinson and Adam Richardson at CBPE. CBPE was advised by Sentio (corporate finance), Spectrum (debt advisory), Reed Smith (legals), PwC (financial, tax, structuring), Cogency (commercial) and Gallaghers (insurance).
HSBC provided leverage finance to support the transaction. Management was advised by Squire Patton Boggs.
Aquaspersions’ shareholders were advised by PwC Corporate Finance and Addleshaw Goddard’s Corporate team in Leeds. The AG team included Richard Hunt, Carly Gulliver, Caera Loughran and Nazaneen Ahmadi.
The terms of the transactions have not been disclosed.