Chemical reaction with Clearwater

Date

Clearwater Corporate Finance’s chemicals sector team has advised leading UK chemical manufacturing and distribution group, Tennants Consolidated Ltd, on its £17 million acquisition of Leek-based Tessenderlo Fine Chemicals, a subsidiary of Belgian multinational chemicals company, Tessenderlo Group.

Established in 1797, Tennants is an international chemical distributor, with manufacturing sites in North America, Europe and China. The firm, which has a Manchester-based distribution centre and is headquartered on Grosvenor Street, London, employees over 750 people and has a turnover of £300 million.

Tessenderlo Fine Chemicals Ltd supplies a range of esters and aroma products to a global customer base and recorded a turnover of £45 million in 2010. The company will be renamed Tennants Fine Chemicals Ltd.

The Clearwater team that sourced and advised Tennants on the acquisition comprised chemical specialists, partner Philip Nuttall and senior chemicals analyst Constantine Biller.

Philip Nuttall, partner and head of the chemicals team at Clearwater said: “Identifying and introducing this strategic acquisition to Tennants is a prime example of the advisory role we offer to multi-national clients in the chemicals industry.”

Constantine Biller, said: “The chemicals sector is a vital part of UK exports and has a substantial role in future economic growth. The acquisition of TCF indicates the ambition of Tennants to bolster its global manufacturing footprint and establish itself as a leading player in the fine chemicals sector.”

Paul Alexander, group chairman of Tennants Consolidated Ltd, said: “We are delighted to welcome TFC to the Tennants group, which we regard as an excellent fit with our existing portfolio of activities.”