PR98283

Advent International and Wilbur-Ellis announce the merger of their life sciences and specialty chemicals solutions businesses to form a leading global value-add distribution platform with unique positions in high-growth regions and combined sales of around EUR 3 billion

ROTTERDAM, Netherlands and SAN FRANCISCO, Oct. 14, 2022 /PRNewswire=KYODO JBN/ --

-- Advent International and Wilbur-Ellis to merge Caldic and Connell, their

life sciences and specialty chemicals solutions businesses focused on

nutrition, pharma and industrial formulations

-- The combination creates a leading global platform with a substantial

presence in two high-growth regions: in Asia-Pacific with Connell and in Latin

America with Caldic-GTM

-- Extending their global reach, Caldic and Connell joining forces will

accelerate growth opportunities for principals and customers by leveraging

best-in-class labs, deep application know-how and global presence of the

combined group

Advent International ("Advent"), one of the largest and most experienced global

private equity investors with a well-established track record in chemicals, and

Wilbur-Ellis, one of the largest family-owned companies in the world, today

announced that they have reached an agreement to merge their life sciences and

specialty chemicals solutions businesses, Caldic B.V. ("Caldic") and Connell,

to create a global leader in its sector.

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Caldic, a global provider of specialty ingredients and chemicals for the life

sciences and industrial formulation markets with a major presence in Europe,

North America and Latin America, will benefit by increasing its global presence

through a merger with Connell, which is one of the major players in

Asia-Pacific.

Under the ownership of Advent and Wilbur-Ellis, the combined company will

benefit from two strong shareholders committed to build a leading global

platform offering thorough expertise in specialty ingredients and chemicals

solutions and distribution in two high-growth regions: in Asia-Pacific with

Connell and in Latin America with Caldic-GTM, following Caldic's merger with

GTM in March 2022. By extending Caldic and Connell's global footprint, 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 EUR 3 billion.

Ronald Ayles, Managing Partner at Advent International, 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. We look

forward to working together with Wilbur-Ellis and the management teams of both

Caldic and Connell in this exciting new chapter which brings synergistic

business development opportunities for principals and customers alike."

John Buckley, Wilbur-Ellis President and Chief Executive Officer, said: "We

couldn't be more excited about the partnership between Connell and Caldic. 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."

In recent years, Caldic has stood out as a rapidly growing, innovation-driven

player. The company continuously invests into value-add capabilities and has

established itself as a leading player in attractive and high-growth life

science end-markets. Caldic's management team has a track record of acquiring

companies and subsequently integrating and accelerating their growth under its

ownership.

Alexander Wessels, CEO, Caldic, stated: "We are thrilled that Advent is

partnering with Wilbur-Ellis as this will create a unique opportunity to

combine two major players, Caldic and Connell, each with a strong family

heritage who are supported by a strong private shareholder base with extensive

expertise in the sector. Bringing together similar entrepreneurial cultures and

complementary geographies reinforces our ambition to establish Caldic as a

global growth platform with a significant presence in two high-growth regions,

Asia-Pacific and Latin America. This is an exciting moment to join forces as we

accelerate our growth and firmly position the business as one of the major

global players in our industry."

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. With a

significant presence in Asia-Pacific, Connell's strengths lie in its

world-class network of principals, combined with technical and marketing

expertise, and its extensive presence in local segments. These strengths enable

Connell to meet customer-specific requirements through customized formulation

and marketing support and dedicated, value-added blending capabilities, which

it has built out over its 125 years of local presence across the Asia-Pacific

region.

Azita Owlia, who will serve as CEO of the combined entities in Asia-Pacific,

added: "In terms of value creation, this is a huge win for our customers,

suppliers, and employees. We will be stronger than ever and able to bring reach

and capabilities to the segments we serve, as well as global growth

opportunities for our employees."

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

customary conditions and regulatory approvals. Terms of the agreement were not

disclosed.

Wilbur-Ellis and Connell were advised in this transaction by Rabobank and

Natrium Capital, joint financial advisors.

About Advent International: Founded in 1984, Advent International is one of the

largest and most experienced global private equity investors. The firm has

invested in over 395 private equity investments across 41 countries, and as of

June 30, 2022, had $96 billion in assets under management. With 15 offices in

12 countries, Advent has established a globally integrated team of 270 private

equity investment professionals across North America, Europe, Latin America and

Asia. The firm focuses on investments in five core sectors, including

industrial & chemicals, business and financial services; technology; health

care and retail, consumer and leisure. For over 35 years, Advent has been

dedicated to international investing and remains committed to partnering with

management teams to deliver sustained revenue and earnings growth for its

portfolio companies.

Apart from Caldic, Advent has invested in over 30 other companies in the

chemicals industry over recent years. Examples include Röhm, one of the global

market leaders in methacrylate chemicals, allnex, a global leader in resins for

the paints and coatings industry, Oxea, a leading supplier of oxo alcohols and

oxo derivatives, and VIAKEM, a leading manufacturer of fine chemicals.

Advent's approach is to provide significant support to management teams by

assisting with operating resources and expertise from its Portfolio Support

Group and third-party Operating Partner program.

For more information, please visit: www.adventinternational.com

LinkedIn: www.linkedin.com/company/advent-international

About the Wilbur-Ellis companies: Founded in 1921, the Wilbur-Ellis companies

are leading international marketers, distributors and manufacturers of

agricultural products, animal nutrients and specialty chemicals and

ingredients. By developing strong relationships, making strategic market

investments, and capitalizing on new opportunities, the Wilbur-Ellis companies

have continued to grow the business with sales of over $3.5 billion. For more

information, please visit www.wilburellis.com

About Caldic: Because we care, we touch the lives of hundreds of thousands of

people every day. We inspire innovative and sustainable solutions in life

science and specialty chemicals for the food, pharma, personal care and

industrial markets of the world. Our solutions, carefully sourced and

customized to exacting specifications whenever required, are backed by

outstanding research & development, customer service, and technical &

regulatory support, ensuring that they meet precisely determined needs at every

stage of the value chain.

Across Europe, North America and Asia-Pacific, our approximately 2,600

employees go the extra mile day in, day out, to deliver value-add solutions for

our customers. In our activities we embrace the principles of sustainability

designing products, services and processes with these in mind. From formulation

to delivery, from ingredient to packing, from supplier to customer, we care

about every detail of what we do. Because every detail is in our care.

For more information, please visit www.caldic.com

About Connell: Connell is a leading marketer and distributor of specialty

chemicals and ingredients in Asia-Pacific, with 125 years of experience. Its

extensive network across 48 locations in 18 countries is where big-business

resources meet small business agility. Connell brings outstanding insights and

service to the life and industrial science markets, while promoting a broad

range of leading global manufacturers, its own formulated products, and

extensive technical, marketing and supply chain expertise. With its intimate

market knowledge and creative approach, Connell provides its business partners

with unlimited opportunities to grow their businesses.

SOURCE  Wilbur-Ellis

CONTACT: Caldic: Ruben Cardol, CFF Communications,

ruben.cardol@cffcommunications.nl, +31 655 358 427; Wilbur-Ellis and Connell:

Jeanne Forbis, jforbis@wilburellis.com, 628-224-3053