CHEMICAL TECHNOLOGY

Piper Sandler Advises PTTGC on Advent's Acquisition of Allnex

Piper Sandler | July 14, 2021

The Valence Group at Piper Sandler & Co. announced today that it advised PTT Global Chemical Public Company Limited on its acquisition of Allnex, a leading global specialty chemical company focused on industrial coating resins, from Advent International for an enterprise value of €4.0 billion (approximately $4.75 billion). The company has about €2 billion in sales, an EBITDA margin of 17-19%, and a global production network of 33 cutting-edge manufacturing sites in 18 countries, 23 research and technology centers, and approximately 4,000 people globally. Allnex was initially created by combining Cytec Coating Resins and Nuplex. The majority of its manufacturing network is in Asia, while its corporate headquarters are in Frankfurt, Germany.

Allnex's acquisition is subject to regulatory approval and is anticipated to close in the fourth quarter of 2021.
PTTGC retained Piper Sandler as its exclusive financial adviser in connection with its purchase of Allnex.

PTT Global Chemical Company Limited is a global chemical company based in Bangkok, Thailand, with diverse and extensive petrochemical operations that include the production and distribution of upstream, intermediate, and downstream petrochemical products. PTTGC is a Thai stock exchange-listed company with revenues in excess of USD 10 billion. PTT Public Business Limited, a Fortune Global 500 company and the Thai state's integrated energy and petrochemical firm (51 percent owned), is the main stakeholder and will provide loan funding.

Allnex is the world's leading manufacturer of industrial coating resins, crosslinkers, and additives. The company is known as a specialty chemicals pioneer, with a diverse product range that includes innovative liquid resins and additives, radiation-cured and powder coating resins for use on wood, metal, plastic, and various other surfaces. The company operates in over 100 countries and has significant positions in the automotive, industrial, marine, ornamental, and packaging sectors and specialty and protective coatings.

Advent International, founded in 1984, has invested in over 375 companies in 42 countries and has $75 billion in assets under management as of March 31, 2021. Advent has 14 offices in 11 countries and a worldwide integrated team of approximately 240 investment experts from North America, Europe, Latin America, and Asia. The company invests in five main sectors: business and financial services, healthcare, industrial, retail, consumer and leisure, and technology.

ABOUT PIPER SANDLER
Piper Sandler Companies is a leading investment bank dedicated to assisting customers in Realizing the Power of Partnership®. Piper Sandler & Co., member SIPC and NYSE, provides securities brokerage and investment banking services in the United States; Piper Sandler Ltd., authorized and regulated by the United Kingdom Financial Conduct Authority; and Piper Sandler Hong Kong Ltd., authorized and regulated by the Securities and Futures Commission. In addition, private equity and fixed income advising services are provided by separate registered advisory affiliates.

Spotlight

Vitamins are an important part of our diet, but you probably haven’t given a great deal of thought to their chemical structures. This graphic shows chemical structures for all 13 vitamins; though there can be some variability in these structures in sources of the vitamins, these are generally representative. They perform a range of roles in the body; below is a brief discussion, and a look at the evidence for taking vitamin supplements.


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CHEMICAL TECHNOLOGY

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Spotlight

Vitamins are an important part of our diet, but you probably haven’t given a great deal of thought to their chemical structures. This graphic shows chemical structures for all 13 vitamins; though there can be some variability in these structures in sources of the vitamins, these are generally representative. They perform a range of roles in the body; below is a brief discussion, and a look at the evidence for taking vitamin supplements.

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