Wilbur-Ellis, San Francisco, one of the largest family-owned companies in the world, and Advent International, Rotterdam, The Netherlands, a private equity investment firm with a track record in chemicals, on Oct. 14 announced that they have reached an agreement to merge their life sciences and specialty chemicals solutions businesses, Connell and Caldic BV, to create a global leader in its sector.
“We couldn’t be more excited about the partnership between Connell and Caldic,” said Wilbur-Ellis President and CEO John Buckley. “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. The combined organization will provide a broad range of solutions for customers.”
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. Its network includes 48 locations in 18 countries.
The parties said the merger will accelerate growth opportunities for both principals and customers and drive further investments into people, technical labs, and sites. Together, Caldic and Connell will have more than 3,800 employees across 43 countries, which provide solutions to over 35,000 customers by leveraging 75 formulation centers and application labs and deep application know-how. The combination will generate sales of about €3 billion.
The transaction is expected to close in first-quarter 2023. No terms were disclosed.