European private equity group Astorg has agreed to buy Dutch UV curable materials manufacturer IGM Resins from Arsenal Capital Partners. Financial terms of the deal, which is expected to close in the second quarter, were not disclosed.

Headquartered in Waalwijk, the Netherlands, IGM specializes in the development and production of radiation curable materials including photoinitiators, acrylate oligomers and monomers, and additives for the global UV coatings and inks market. The company has manufacturing facilities in Europe, USA and Asia.

“We are glad to accompany IGM during the next phase of its ambitious development plan through the provision of adequate capital resources and enhanced M&A capabilities,” commented Astorg director Nicolas Marien.

Sal Gagliardo, an industry and operations partner at Arsenal, said IGM has transformed itself from a specialty chemicals distribution company to a leading global UV-cure technology provider through an aggressive growth strategy.

IGM bought BASF’s global photoinitiator business in August 2016, although the deal did not include the German group’s high-performance photoinitiators dedicated to the specific needs of electronics customers.

Other acquisitions by IGM in recent years were the photoinitiator business of Italy’s Lamberti in June 2015 and China’s Insight High Technology Group in August 2014.