SAN JOSÉ, Costa Rica/BOGOTÁ, Colombia – GTM (Grupo Transmerquim S.A.), the second-largest chemical distributor in Latin America, announced that its founding shareholders have signed a definitive agreement to transfer control of the company to Advent International, a private equity firm. The transaction is expected to close in December 2014. Terms of the agreement were not disclosed.
Since its founding in Guatemala 31 years ago, GTM has grown organically to become one of only two chemical distribution companies with a fully Pan-American footprint. GTM provides chemical products and logistical services to more than 10,000 customers in a range of industries from personal care to oil exploration through its 40 locations in 12 countries, from Mexico to Argentina, and its supply offices in Houston and Beijing.
Richard Kellogg, President of GTM’s Board of Directors, said, “There are tremendous growth opportunities for GTM in Latin America and beyond. Advent’s resources, industry and M&A experience will facilitate both GTM’s acquisition plan and its continuing organic growth. Our management has gotten to know the Advent team well, and I believe that the strong cultural fit between them will be a significant plus as GTM continues its path forward.”
There are no changes expected to the GTM management team or to the company’s existing operations as a result of this transaction.