William Blythe sold to PE-backed MBO

Synthomer has agreed to sell its UK-based inorganic chemistry business William Blythe to a management buyout (MBO) supported by private equity firm H2 Equity Partners for £30 million in a deal that should be complete by the end of May. The net proceeds will be used to reduce group debt.

Dating back to 1845, William Blythe supplies inorganic derivatives of elements such as tin, iodine, copper, zinc and tungsten for applications in markets including life sciences, performance coatings, polymers, electronics, catalysts and renewable energy. It employs about 85 at its site in Accrington. It had sales of £54 million and adjusted EBITDA of £4 million in 2024.

Synthomer, which makes specialised polymers, designated William Blythe as non-core in the strategic review it announced in October 2022. “The business has limited synergies with the rest of the group and its divestment will further reduce the complexity of our site portfolio and enhance our focus on higher value, higher growth speciality chemicals markets where we have strong and sustainable leadership positions,” said CEO Michael Willome.

William Blythe said that the existing leadership team will continue to the run the business. “The support and investment from H2 Equity Partners will allow for targeted investment in our facilities, capabilities and brand,” the company added. With this transaction we are now able to move forward as an independent business with a clear focus on our employees, products, customers and markets and with greater control over our future.”