Teesside-based chemical manufacturer Chemoxy International is to be acquired by Novacap for an undisclosed figure with the help of business advisers UNW.
A leading producer of speciality chemicals and environmentally friendly solvents, Chemoxy employs over 150 people across its Middlesbrough and Billingham sites, recording sales of £42 million in 2016. French-based trade buyer Novacap will use the acquisition as an opportunity to expand its Performance Chemicals division and geographical presence.
Chemoxy CEO Ian Stark and COO Martyn Bainbridge have reduced their stake in the company to a minority holding and will continue in their respective positions.
Commenting on the transaction, Ian said: “Chemoxy is an innovative company with a proven ability to develop new businesses and products, which fits very well with Novacap’s values and ambition.”
The Chemoxy shareholders were advised by Paul Kaiser and James Allsopp from UNW’s Corporate Finance team throughout the deal.
Ian added: “From the first approach from Novacap late last year, the UNW team have worked alongside us and guided us towards a transaction that worked commercially for both buyer and seller. The resulting transaction is a good outcome for all stakeholders concerned.”
Paul said: “Having worked with Ian and the team for over a number of years, it was great to be a part of the sale to Novacap. The Chemoxy team have developed the business to be a world class provider and we wish the team well in the next phase of its development.”
