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Home Gadgets Eternis acquires Tennants Fine Chemicals for undisclosed amount

Eternis acquires Tennants Fine Chemicals for undisclosed amount


Mumbai: Eternis Fine Chemicals has acquired UK-based specialty chemical compounds agency Tennants Superb Chemical compounds for an undisclosed sum, because the Rajen Mariwala-owned firm seeks to increase its vary of aroma chemical compounds and leverage multi-location manufacturing and distribution platforms by means of the buyout.

Eternis, initially often known as Hindustan Polyamides and Fibres Ltd., was rebranded in 2015 and is a completely owned household enterprise that has been within the fragrances and flavours trade for the reason that early Nineteen Sixties. The aroma chemical compounds enterprise is operated by the Mariwala household.

“Eternis has accomplished an acquisition of 100% shareholding of Tennants Superb Chemical compounds Ltd, headquartered at Leek, Staffordshire in the UK and its wholly owned subsidiaries in Singapore and China, from Tennants Consolidated Restricted,” the corporate mentioned on Tuesday.

That is the third such deal on this phase in the previous few years, highlighting India’s progress as a hub of specialty and aroma chemical compounds trade.

Final 12 months, Azim Premji-owned personal fairness fund PremjiInvest purchased out Greatest Worth Chem, a Baroda-based firm and some years in the past, Fairfax purchased Privi Organics and Adi Simchem and merged each, rechristening it as Fairchem.

Rajen Mariwala, the managing director of Eternis mentioned the addition of “this massive unbiased, high-end producer enhances our enterprise and brings with it many strategic benefits. We may have established operations in Europe, Asia and the USA, and the power to service our prospects from inventory hubs and companions. The mixed product will place us properly for additional progress.”

The Mumbai-based firm has three manufacturing amenities in Maharashtra with a complete capability of over 40,000 tonnes, turnover of about $135 million and 450 workers.

“Our mixed manufacturing footprint throughout two key areas will supply higher safety of provide. Our regional service technique in China and SE Asia has proved helpful and can be additional strengthened with the addition of Eternis’ merchandise,” mentioned Billy Gittins, managing director of Tennants Superb Chemical compounds, which did gross sales of about $90 million as of December, and turned in earnings earlier than curiosity, tax, depreciation and amortisation (Ebita) margin of 10%.

Funding financial institution Lincoln Worldwide was the adviser to the deal.

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