Italmatch to buy BWA Water Additives
Genoa-based Italmatch Chemicals, a speciality chemicals company focused on additives for water and process treatment, oil and gas, industrial lubricants and plastics, has signed an agreement to acquire BWA Water Additives, which is also active in the oil and gas, industrial water treatment and desalination industries. The deal, for which terms were not disclosed, is expected to close in Q1 2019, subject to customary regulatory approvals. It will be financed by a mixture and debt and equity.
Italmatch, which is owned by private equity firm Bain Capital, commented that “this combination of two highly complementary companies allows the development of strategic, commercial and industrial synergies, consistent with the aim of expanding and broadening our current production and marketing capabilities for water management chemicals”.
Italmatch dates back to 1997 and currently has seven sites in Europe, five in the Asia-Pacific region and five in North America, with sales and distribution subsidiaries in eight other countries. There are about 800 employees and passed to Bain’s ownership in October 2018, with the management retaining a minority stake. BWA dates back about 40 years, mainly at a site in Manchester, UK, and emerged from Clariant about a decade ago.