The chemicals team at Clearwater Corporate Finance has advised Caledonia Investments plc, the LSE-listed investment trust, on the sale of Amber Chemical to ICM Products.
Amber Chemical is a manufacturer of speciality silicones for a wide range of niche markets. The group’s product portfolio includes adhesives and sealants, anti-foams, coatings, emulsions, encapsulants, greases, lubricants, moulding rubber, release agents, silicone fluids and silicone foam.
The companies within the Amber Chemical group are ACC Silicones, Amber Silicones (Tianjin), Quantum Silicones, Siovation and Treco Srl.
Headquartered in Michigan, ICM Products is a manufacturer of silicone defoamers, emulsions and polymers for automotive, coatings, food processing, industrial and personal care applications. The company is backed by Century Park Capital Partners, a US private equity firm, which acquired ICM from its founder in January 2012.
With a focus on mid-market M&A transactions and considerable experience in the speciality chemicals sector, the chemicals team at Clearwater was able to identify a highly strategic purchaser in ICM. The transaction sees ICM fulfil its global ambitions thanks to Amber Chemical’s plants in the UK, Italy and China, as well as its two further plants in the US. ICM will also benefit from Amber Chemical’s product development capabilities in speciality silicone compounds. In addition, ICM will become a global player in the silicones market thanks to Amber’s long-standing relationships with blue-chip customers in the aerospace, automotive, chemicals processing, electronics, food processing. moulding, personal care, photovoltaic and water treatment sectors.
Duncan Johnson, Head of Unquoted Investments at Caledonia, said: “We were delighted to work with Clearwater, whose extensive chemicals sector knowledge and hands-on approach was important to us in identifying this strategic buyer and completing the sale.”
Philip Nuttall said: “The sale of the Amber Group to a strategic US purchaser is another example of ongoing consolidation in speciality chemicals. We are delighted to have found an owner whose ambitions are to accelerate the growth of the group whilst maintaining the identities of the individual companies.”
Constantine Biller added: “Clearwater’s chemicals team has extensive knowledge of the global silicones market and was therefore able to offer an insight to how market developments were impacting on M&A activity. It is through this dedicated, sector-focused approach that we can position speciality chemicals companies for sale and enhance shareholder value.”