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Advent creates €3bn revenue chemicals company by merging Caldic with Wilbur-Ellis’ Connell

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Advent International has merged its portfolio business Caldic with Wilbur-EllisConnell to create a life science and chemicals company with combined revenues of about €3bn.

The deal comes less than a year after Advent bought chemical producer Caldic from Goldman Sachs Asset Management to merge with its Latin American portfolio company Grupo Transmerquim.

Caldic is a major chemical and special ingredients supplier across Europe and the Americas, while Connell is one of the major industry players in Asia-Pacific.

Ronald Ayles, managing partner at Advent International, [pictured centre] said, “By bringing together the highly complementary businesses of Caldic and Connell, we will form a truly global business with significant exposure to high-growth regions and very diversified end markets with a high value-add offering.

“In Wilbur-Ellis, we have found a committed partner who shares our long-term vision of building a fully integrated growth and innovation focused business.”

John Buckley, Wilbur-Ellis president and CEO [pictured left], added, “With Caldic’s strong global position, and Connell’s 125-year presence in Asia-Pacific, the partnership will immediately establish a global, privately-held specialty chemicals and ingredients distribution leader.”

Connell’s product portfolio includes specialty chemicals and ingredients for life science segments such as food, pharmaceuticals, and personal care, as well as industrial segments, such as coatings, rubber and lubricants.

The transaction is expected to close in the first quarter of 2023,

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