Private equity investor Advent International has agreed to buy Mexican fine chemicals producer Viakem for an undisclosed sum. Family-owned Viakem is Latin America’s sole custom and toll manufacturer of crop protection chemicals. It has a manufacturing plant in Monterrey, Mexico, which Advent said is the country’s industrial heart and an important technological development center.

Advent’s managing director and head of Mexico, Luis Solórzano, said Viakem’s track record and optimal geographic location provide competitive advantages compared with other manufacturers while strong fundamentals in the crop protection industry give a solid platform for growth.

“We believe the agrochemicals market will enjoy healthy growth based on the macroeconomic trends of increasing population and wealth, as well as the need to increase resource efficiency,” he said.

Emilio Assam Helú, Viakem’s CEO, added that Advent’s resources and expertise will contribute to its long-term business plan, through a focus on customer service and enhanced R&D, as the company enters new product markets and expands its leading position in Latin America and globally. The transaction is expected to close in the third quarter of 2016.

Recent investments by Advent in the chemicals and materials industry include GTM, Allnex, Maxam, Mondo Minerals, Oxea and H.C. Starck.