LSI rebrands as Arxada and agrees to merge with Troy
Arxada, a global specialty chemicals business, and Troy Corporation, a global producer of microbial control solutions and performance additives, announced that they have entered into an agreement to combine the two companies. This agreement represents the first strategic deal by Arxada, formerly known as Lonza Specialty Ingredients or LSI and owned by private equity funds Bain Capital and Cinven, since the purchase from Lonza Group in July 2021. As part of the deal structure, Troy’s owners will invest in the combined company.
The partnership is a logical next step in Arxada’s strategy to strengthen its offering and enhance the capabilities of its Microbial Control Solutions (MCS) business. Troy is a global player in the field of industrial preservation with broad expertise in paints and coatings, wood protection and preservation, home and personal care, plastics and textiles, energy and metal working fluids. The combination will create a comprehensive and innovative offering in microbial control, enabling the delivery of new solutions.
Arxada will benefit from Troy’s technical expertise, trusted customer relationships and broad portfolio of performance products as well as a long history of innovation, including the invention of 3-iodo propynyl butyl carbamate (IPBC), which Arxada does not currently manufacture. In addition, the proposed transaction will enhance Arxada’s commercial presence across the globe and add several production sites in important locations including Newark, NJ, USA; Horhausen, Germany; Moerdijk, Netherlands and Kabinburi, Thailand. The Parties will work to close the transaction as soon as possible, subject to obtaining customary approvals. Financial details of the deal have not been disclosed.
Previous rebranding of LSI as Arxada
The new name Arxada follows the company’s launch as an independent business in July 2021, after the completion of the sale of Lonza Specialty Ingredients from Lonza Group. Arxada derives from arx and arcis, the Latin words for citadel and fortress.
Commenting on the new company name, Marc Doyle, Chief Executive Officer of Arxada, said: “This new identity signals our intent to transform the company as we build on our longstanding heritage of innovation and pioneering technology to enhance our presence within the microbial control and specialty chemicals markets.”