Polymer company cooks up deal for specialist manufacturer
A LEEDS business that specialises in release agents for the rubber industry has been acquired by a US polymer group.
Alkon Solutions, which became a separate corporate entity from parent company the Stephenson Group in July, has been acquired by Polymer Solutions Group.
The group is on an acquisition mission this year, during which time it has also acquired two other US companies, Flow Polymer and SASCO chemical group.
Now it has bought Alkon, which manufactures anti-tack products for the rubber industry.
PSG, based in Albany, Georgia, is backed by private equity investor Arsenal Capital. It specialises in the manufacture of formulated polymer and polymer additive systems.
Mike Ivany, chief executive of PSG said: “The acquisition of Alkon Solutions fits perfectly with our plan to expand our polymer additive product portfolio and to build out our global polymer platform.
“The complementary nature of SASCO Chemical and Alkon Solutions’ anti-tack products will help to expand our efforts to support our customers globally and to meet the processing and technology needs of the world’s rubber industry.
Jamie Bentley, chief executive of 150 year-old, £18m-turnover Stephenson Group said: “I am delighted with the sale of our rubber business Alkon Solutions Ltd to PSG, it will form a big part of their expansion and continue under the new ownership to go from strength to strength.
“From the perspective of Stephenson Group, a key part of our strategy has been to divest our non-core businesses. The sales of both our Serfax and ‘Alkon’ businesses demonstrate our focus on our future in personal care ingredients.
“The market is buoyant, and we are looking forward to further organic growth, together with growth by acquisition – indeed we acquired the key assets of a competitor last week to support our growth in the sector. Sentio have played a key role in the recent transactions and not only maximising value, but also managing the transactions seamlessly.”
A team of advisers from Sentio Partners including Andrew Barlow and Dave Irwin advised Stephenson Group.
Andrew Barlow, associate director at Sentio Partners, said “This was a great result for all parties. Having worked with Jamie and the team to understand the heritage of Alkon, it was crucial that we found the right acquirer to maximise the future potential of the business.
“From PSG’s point of view, there was a clear strategic rationale for the acquisition, which will accelerate their European growth in anti-tack products.”
