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.
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.”