Bangkok/ Frank­furt am Main — Advent Inter­na­tio­nal (“Advent”), one of the world’s largest and most expe­ri­en­ced invest­ment compa­nies, has announ­ced the sale of global leading synthe­tic resin manu­fac­tu­rer allnex Holding GmbH (“allnex”) to PTTGC Inter­na­tio­nal (Nether­lands), a wholly owned subsi­diary of PTT Global Chemi­cal Public Company Limi­ted (“PTTGC”) head­quar­te­red in Bang­kok. The Frank­furt-based company is valued at around EUR 4 billion in the tran­sac­tion, which corre­sponds to 12.2 times LTM’s March 2021 EBITDA.

allnex is a manu­fac­tu­rer of synthe­tic resins for the paint and coatings indus­try and offers a wide range of coating poly­mers and addi­ti­ves — inclu­ding powder resins, water-solu­ble indus­trial synthe­tic resins, UV resins, synthe­tic resin cross­lin­kers and addi­ti­ves for use on wood, metal, plas­tics and other surfaces, for exam­ple. With sales of around 2 billion euros and appro­xi­m­ately 4,000 employees, the company is the market leader in resins for indus­trial appli­ca­ti­ons, inclu­ding in the auto­mo­tive and pack­a­ging indus­tries. With its global produc­tion network of 33 manu­fac­tu­ring sites and 23 rese­arch and tech­no­logy centers, allnex supports custo­mers around the world. The company has been a pioneer in sustainable inno­va­tions for the paint and coatings indus­try for over 70 years. Here, allnex focu­ses on envi­ron­men­tally friendly tech­no­lo­gies, such as water-based resins or powder resins.

With more than 30 successfully comple­ted tran­sac­tions, Advent is one of the most expe­ri­en­ced private equity inves­tors in the chemi­cal indus­try. Advent acqui­red the coating resins busi­ness from Cytec Indus­tries in 2013 as part of a carve-out. Over the past eight years, Advent has estab­lished the busi­ness as an inde­pen­dent company under the name allnex and streng­the­ned its market posi­tion through seve­ral acqui­si­ti­ons and orga­nic growth. With the acqui­si­tion of compe­ti­tor Nuplex in 2016, allnex expan­ded its busi­ness in growth markets and became the global market leader. With Advent’s support, the company has inves­ted signi­fi­cantly in growth, more than doubling the number of its employees, produc­tion faci­li­ties, rese­arch and tech­no­logy centers, and custo­mers. In total, Advent has allo­ca­ted more than €1.5 billion for growth.

Ronald Ayles (photo), mana­ging part­ner and head of the global chemi­cal indus­try prac­tice at Advent Inter­na­tio­nal., said, “Over the past eight years, we have guided the allnex manage­ment team from spin-off to global market leader­ship as a manu­fac­tu­rer of indus­trial coating resins. Our heavy invest­ment in growth has fueled allnex’s success — espe­ci­ally in envi­ron­men­tally friendly tech­no­lo­gies. With PTTGC, we have now found the ideal part­ner to support the next phase of allnex’s growth and conti­nue the success story.”

The new owner PTTGC is a subsi­diary of PTT Group, Thailand’s largest energy company

The Group opera­tes inter­na­tio­nally and is a Fortune 500 company. PTTGC produ­ces and distri­bu­tes basic petro­che­mi­cals and inter­me­dia­tes as well as chemi­cal down­stream products for the pack­a­ging, textile and auto­mo­tive indus­tries, among others. In the past two years, the company ranked first in the “Chemi­cals” cate­gory of the Dow Jones Sustaina­bi­lity Index.

PTTGC’s goal is to streng­then its leading posi­tion in the chemi­cal busi­ness with envi­ron­men­tally friendly inno­va­tions and advan­ced tech­no­lo­gies. The company is a long-term inves­tor and will support allnex to expand its access to the Asia Paci­fic (APAC) region, which offers great growth poten­tial for the coatings indus­try. In addi­tion, PTTGC will streng­then allnex’s presence in growth markets and provide impro­ved access to raw materials.

“allnex is the global market leader in synthe­tic resins for the paint and coatings indus­try. With its broad product port­fo­lio, stable earnings, and as a pioneer in green tech­no­lo­gies, allnex is ideally posi­tio­ned to bene­fit from the three mega­trends in the indus­try: the incre­asing demand for high-perfor­mance coating resins, the ongo­ing growth trend towards emer­ging markets, and the move towards sustainable coating solu­ti­ons. We look forward to lever­aging this growth poten­tial toge­ther with the allnex team.”
The sale of allnex is expec­ted to close in Q4 2021, subject to regu­la­tory approvals.

Advi­sor Advent: Allen & Overy
Led by part­ner Dr. Helge Schä­fer (Hamburg), toge­ther with part­ners Dr. Michiel Huizinga (Frank­furt) and Gordon Milne (London) as well as coun­sel Alex­an­der Wüpper (Frank­furt) and senior asso­ciate Monika Przy­goda (London, all Corporate/M&A/Private Equity).
The entire team included well over 100 lawy­ers from a wide variety of prac­tice groups in 18 Allen & Overy offices worldwide.

About Advent International

Foun­ded in 1984, Advent Inter­na­tio­nal Corpo­ra­tion is one of the world’s largest and most expe­ri­en­ced private equity inves­tors. The company has comple­ted over 375 private equity tran­sac­tions in 42 count­ries and mana­ges assets of €64 billion (as of March 31, 2021). With 14 offices in 11 count­ries, Advent has built a globally inte­gra­ted team of more than 240 invest­ment profes­sio­nals in North America, Europe, Latin America and Asia. The company focu­ses on invest­ments in five core sectors, inclu­ding finan­cial and busi­ness services, health­care, chemi­cals and indus­tri­als, retail, consu­mer products and leisure, and technology.

Advent has inves­ted in over 30 compa­nies in the chemi­cal indus­try in recent years. Examp­les include Röhm, one of the global market leaders in methacry­late chemis­try, allnex, a leading global supplier of synthe­tic resins for the paint and coatings indus­try, and Oxea, a leading supplier of oxo alco­hols and oxo deri­va­ti­ves. Advent has also inves­ted in compa­nies such as VIAKEM, a leading manu­fac­tu­rer of fine chemi­cals, and GTM, a trans­na­tio­nal distri­bu­tor of chemi­cal raw mate­ri­als in Latin America.

After 35 years dedi­ca­ted to inter­na­tio­nal invest­ment, Advent Inter­na­tio­nal Corpo­ra­tion remains commit­ted to working with manage­ment teams to deli­ver sustainable reve­nue and profit growth for its port­fo­lio compa­nies. www.adventinternational.de