Elementis buys Alchemy

Elementis has acquired UK based Alchemy Ingredients for an enterprise value of about $22 million on a cash-free debt-free basis. This is a bolt-on acquisition, bringing together two firms mainly active in the personal care market.

Alchemy is projected to have sales of about $6 million in the current fiscal year. It makes natural and sustainable rheology modifier ingredients that fully or partially replace synthetic raw materials in cosmetic formulations. The key technologies are oil gelling and water gelling.

“Alchemy ... brings exciting new products and technologies that are complementary to our portfolio, further enhancing our expertise in formulation solutions and rheology, and which are highly synergistic with our hectorite products,” Elementis stated. “These will help to create new sensory profiles and textures to enhance the group’s cosmetic and skincare product range.”