Advent has signed an agreement to sell allnex to Netherlands-based PTTGC International (Netherlands) B.V., a wholly owned subsidiary of Bangkok-based PTT Global Chemical Public Company Limited (“PTTGC”). The transaction values allnex at an Enterprise Value of approximately €4bn which equates to about 12.2x LTM March 2021 EBITDA.
Strengthens allnex’s Market Access in APAC Region
Ronald Ayles, managing partner and head of Advent’s global chemicals and materials practice, said, “
Over the past eight years, we have supported allnex’s management team in transforming the company from a corporate carve-out into the number one global producer of industrial coating resins. Our significant investment in growth lead to an impressive track record – especially in green technologies. With PTTGC, we have now found the ideal partner to support allnex’s next phase of growth and to continue its success story.”
Miguel Mantas, CEO of allnex, commented, “
We are proud of the success we have in building allnex into a global player and are very grateful to Advent for its support and partnership over the past years. 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 in Asia, PTTGC will help us take this next step in our company development.”
As a subsidiary of PTT Group, the premier energy company in Thailand and a Fortune Global 500 company, PTTGC’s portfolio includes the manufacturing and distribution of upstream, intermediate, and downstream petrochemical products for industries such as packaging, textiles and automotive, and was rated number one on the Dow Jones Sustainability Index (DJSI) World Index in the chemical sector for the last two consecutive years.
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In line with our vision to become a leading global chemical company while improving people’s quality of life, as well as our core strategies to drive new sustainable growth opportunities, we are pleased to announce PTTGC International (Netherlands) B.V., a PTTGC wholly owned subsidiary, invests in allnex, a business with outstanding innovation, history and promise, to establish a stronger position internationally,” said Dr. Kongkrapan Intarajang, CEO of PTTGC.
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As the global market leader in industrial coating resins, with its broad portfolio, stable profit, and leading green technology, allnex is ideally positioned to benefit from three megatrends shaping the industry: increasing demand for high performance coating resins, a continued shift of growth to emerging markets, and a trend towards green coatings solutions. We look forward to working with the team at allnex to leverage this growth potential.”
The sale of allnex to PTTGC International (Netherlands) B.V. is expected to close in Q4 2021, subject to regulatory approvals.
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Source: Advent