Astorg to acquire IGM from Arsenal
The transaction is expected to close in the second quarter of 2018 and is subject to customary closing conditions and regulatory approvals. Headquartered in Waalwijk, the Netherlands, IGM is a leading independent global manufacturer and innovator of high-value, specialty photoinitiators. The Company offers a full platform of complementary UV curable material solutions (photoinitiators, acrylates, and additives) for the high growth UV coatings and inks market. IGM serves a diverse set of attractive, high-growth end-markets with particular strength in graphic arts (inkjet / 3D printing, printings inks for low-migration food packaging), electronics, optical coatings, and adhesives.
“Ambitious development plan”
Edward Frindt, CEO of IGM, said, “We are pleased that Astorg has recognized IGM’s value creation strategy and look forward to partnering with them to continue our focus on providing our customers new products and technologies across the product portfolio. Astorg has significant experience in the specialty chemical sector and a broad and experienced team, which will ensure a seamless transition.”
Nicolas Marien, Director at Astorg, commented, “IGM has established a truly unique position in the UV curable materials space thanks to its strong focus on innovation and unrivalled customer intimacy. We have been impressed with what has been achieved by the management team, enabling the company to grow significantly over the past few years. We are glad to accompany IGM during the next phase of its ambitious development plan through the provision of adequate capital resources and enhanced M&A capabilities.”
“Transformation to an UV-cure technology provider”
Sal Gagliardo, an Industry & Operations Partner of Arsenal, said, “We are proud of the transformation of IGM from a specialty chemicals distribution company to a leading global UV-cure technology provider. During our partnership with the management team, we completed four strategic acquisitions and executed an aggressive organic growth strategy. Through these initiatives, the Company has become the leading global producer of photoinitiators with the most comprehensive breadth of technologies serving high growth UV cure applications.”
Moelis & Company LLC acted as exclusive financial advisor, and Jones Day acted as legal advisor to Arsenal and IGM. Houlihan Lokey and Emendo Capital acted as financial advisors, and Paul Hastings LLP and Dechert LLP acted as legal advisors, to Astorg.
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