William Blair acted as financial advisor to Benvic Group (Benvic) and Investindustrial in connection with the signing of a binding put option for the pending sale of Benvic’s compounds business to International Chemicals Investors Group (ICIG). As part of the transaction, Benvic’s medical activities in Italy are expected to be retained by affiliates of Investindustrial. The transaction was announced on August 25, 2022 and is expected to close later this year following regulatory filings.
About the Companies
Founded in 1963 as a subsidiary of Solvay, Benvic develops, produces and markets highly customized, innovative thermoplastic solutions based on polyvinyl chloride (PVC) as well as engineering polymers and bio-polymers compounds. With about 630 full-time employees (FTEs), the company is one of Europe’s leading PVC compounders in terms of volume (#1 in France, Spain, Portugal, and Belgium and the #2 in Italy and the U.K.) as well as a leader in several specialty compounding applications in the U.S. The solutions are used across a wide range of end-applications including building and construction, medical, aerospace, cabling, consumer, packaging and fluid transport. The company has a broad portfolio of formulations to ensure it meets clients’ requirements in terms of (i) technology conversion (i.e., extrusion, injection molding, blow molding, etc.) and (ii) the features of the final product including aspect and color.
Investindustrial is a leading European group of independently managed investments, holding and advisory companies with €11 billion of raised fund capital. With ESG principles deeply embedded into the firm’s core approach, Investindustrial has more than 30-year history of providing mid-market companies capital, industrial expertise, operational focus and global platforms to accelerate sustainable value creation and international expansion.
ICIG is a privately owned industrial group with total sales in excess of €3 billion. ICIG is focusing on three main platforms: fine chemicals under the WeylChem brand, chlorovinyls under the Vynova brand and enterprises which comprises specialized companies in enzyme-based fermentation products, viscose filament, activated carbon and wood protection chemicals industries (including Corden BioChem, ENKA, CarboTech, and Rütgers Organics). Since inception in 2004, ICIG has grown to operate more than 20 independent chemicals and pharmaceutical businesses, all of which have origins in major global chemical or pharmaceutical corporations. Today, ICIG companies employ roughly 3,900 employees and operate more than 20 manufacturing facilities in Europe and the United States.
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