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PTTGC will strengthen allnex’s market access in the APAC region and support investments in innovative and green technologies.
July 13, 2021
By: DAVID SAVASTANO
Editor, Ink World Magazine
Advent International has signed an agreement to sell allnex Holding GmbH to Netherlands-based PTTGC International (Netherlands) B.V., a wholly owned subsidiary of Bangkok-based PTT Global Chemical Public Company Limited. The transaction values allnex at an enterprise value of approximately €4 billion, which equates to about 12.2x LTM March 2021 EBITDA. allnex is a leading global producer of industrial coating resins, offering a range of coating polymers and additives, including powder resins, industrial waterborne resins, energy curable resins, crosslinking resins and additives for use on all types of substrates, such as wood, metal and plastic. With about €2 billion in revenue and approximately 4,000 employees worldwide, allnex has leading positions in all key industrial coating segments, including a.o. industrial metal, automotive, and packaging. allnex manages a global production network of 33 manufacturing sites and 23 research and technology facilities. The company focuses on environmentally friendly technologies, such as waterborne industrial resins, powder resins, energy curable resins and high-solids technologies. With more than 30 investments, Advent is one of the most experienced investors in the global chemical industry. The firm acquired Cytec Industries’ coating resins business in 2013 through a carve-out. By acquiring resins manufacturer Nuplex in 2016, allnex strengthened its access to emerging markets. Under Advent’s ownership, allnex invested significantly into growth and more than doubled its numbers of employees, production sites, R&D centers, and customers. Overall, Advent’s investment in growth totaled more than €1.5bn. “Our significant investment in growth led 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,” Ronald Ayles, managing partner and head of Advent’s global Chemicals and Materials practice, said. 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. PTTGC is committed to strengthening its leading position in the chemicals business by combining environmentally friendly innovations with advanced technologies. The company is a strategic long-term investor and will improve allnex’ market access to the Asia Pacific region. PTTGC will support allnex in further expanding its presence in emerging markets through further investments. Furthermore, PTTGC will provide allnex with improved access to raw materials. “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. 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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