Investindustrial Sells PVC Compounder Benvic to ICIG
European private equity group Investindustrial — through subsidiary PVC Europe — has agreed a sale of PVC compounder Benvic to International Chemical Investors Group (ICIG). However, it expects to retain Benvic’s medical activities in Italy.
Financial terms of the deal, which remains subject to regulatory approval but is expected to close toward the end of 2022, were not disclosed.
Headquartered in Chevigny, France, Benvic develops, produces and markets PVC-based thermoplastic products, as well as engineering polymers and bio-polymer compounds. It has annual sales of about €500 million and operates plants in Chevigny and Porcieu-Amblagnieu in France; Ferrara, Italy; Montornès del Vallès, Spain; Witkowo, Poland; Sowerby Bridge, UK; and Chesapeake, Virginia and West Unity, Ohio in the US.
Benvic is one of Europe’s leading PVC compounders in terms of volume as well as a leader in several specialty compounding applications in the US. The investment group added that during its four-year ownership, it has transformed Benvic into a global leader in thermoplastic solutions through a program of eight add-on acquisitions across Europe and the US. Investindustrial bought Benvic from US private equity firm OpenGate Capital in January 2018.
“As a global player in thermoplastic solutions and one of Europe’s leading PVC compounders, Benvic Group will become ICIG’s second polymers platform, next to Chlorovinyls/Vynova,” said ICIG managing director Achim Riemann. “Together we will realize tremendous opportunities to further grow the business and strengthen Benvic’s promising initiatives to also become one of the leaders in sustainable solutions for the plastics industry.”
ICIG is focused on three main platforms, namely fine chemicals under WeylChem, chlorovinyls under Vynova and Enterprises. The latter comprises specialized companies in enzyme-based fermentation products, viscose filament, activated carbon and wood protection chemicals industries, such as Corden BioChem, ENKA, CarboTech, and Rütgers Organics.
Author: Elaine Burridge, Freelance Journalist
