NEW YORK/LUXEMBOURG — Astorg and Arsenal Capital Partners (Arsenal) announced that Astorg has partnered with management and signed a definitive agreement to acquire IGM Resins, a global manufacturer and innovator of ultraviolet (UV) curable materials, from Arsenal. The transaction is expected to close in the second quarter of 2018 and is subject to customary closing conditions and regulatory approvals. Financial terms of the transaction were not disclosed.
Headquartered in Waalwijk, the Netherlands, IGM Resins is a manufacturer and innovator of specialty photoinitiators. The company offers a full platform of complementary UV curable material solutions (photoinitiators, acrylates and additives) for the UV coatings and inks market.
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 brilliant and dedicated 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.”
Astorg is a European private equity firm with total funds under management of over €4 billion. Astorg seeks to partner with entrepreneurial management teams to acquire European companies and create value through the provision of strategic guidance, experienced governance and adequate capital.
Established in 2000, Arsenal Capital Partners is a leading private equity firm that specializes in investments in middle-market specialty industrials and healthcare business services companies. Since inception, Arsenal has raised institutional equity investment funds of approximately $3 billion.