Thailand-based PTT Global Chemical Public buys Allnex
Allnex, a supplier of specialty chemicals, offering a broad range of industrial resins including powder coating resins, energy curable resins, water-borne resins, additives and crosslinkers for use on wood, metal, plastic and other surfaces, is becoming part of PTT Global Chemical Public Company Limited (GC). GC is a subsidiary PTT Public Company, a multinational chemical company based in Thailand.
The resins producer has a turnover of EUR 2 billion. According to Advent, the company is valued at EUR 4 billion in the sale. Based on the Ebitda of March 2021, this corresponds to a multiple of 12.2x, according to an online article on www.finance-magazin.de.
Advent has bought the resin producer eight years ago. In these past eight years, the private equity firm has invested a lot of money into Allnex. According to its own information, the investments sum up to more than EUR 1.5 billion. In 2016, Advent bought Nuplex, another producer of resins for approximately USD 800 million and merged the two companies.
Miguel Mantas, CEO of Allnex, commented: “We are proud of the success we have had in building Allnex into a global player and are very grateful to Advent for its strong support and excellent partnership over the past years. In order to build on our leading market position, we will continue to invest in innovative technologies and look to expand our presence in APAC. With its resources, industrial network and expertise, PTT Global Chemical will represent an extraordinary opportunity to take the next steps in the development of our business.”
The sale of Allnex is expected to close in Q4 2021, subject to regulatory approvals.