Azelis strengthens presence in Ireland with acquisition of P-K Chemicals 10th August 2018
Azelis, a leading distributor of speciality chemicals and food ingredients, is delighted to announce it has signed an agreement to acquire P-K Chemicals Limited, an Irish distributor of food ingredients and chemicals.
Highlights & rationale
Ireland has experienced a strong growth in GDP after the financial crisis and has a strong food, beverage and pharmaceutical industry presence
- Acquisition of P-K enables Azelis to cover the market through strong local presence both in life sciences and industrial chemicals
- Transaction is consistent with Azelis’ corporate strategy of organic growth complemented by strategic acquisitions
- Transaction is expected to complete within three months.
The transaction sees Azelis acquire 100% of P-K, with all employees joining the Azelis team. Although a large part of PK’s business activity is linked to the food segment, P-K also distributes speciality chemicals for pharmaceuticals, healthcare, CASE and other non-food manufacturing. Sales are mostly generated in the Republic of Ireland. Azelis’ focus on application development and innovation is well recognised, and an important part of its ongoing success. The company has been renowned for its innovative product formulations across the regions in which it operates, winning a number of outstanding industry awards. This is Azelis’ third acquisition in EMEA this year, following on two more in 2017 and one other in 2016.
The acquisition of P-K illustrates the support provided by Funds advised by Apax Partners since the initial acquisition of Azelis. Apax is confident that the expanded range of services and global reach provided by this acquisition, in combination with those made over the last three years, will continue to bring benefits to customers and principals of the combined group.
Anna Bertona, Azelis EMEA CEO, comments: “With the acquisition of P-K, we establish a strong physical footprint in Ireland. There is an excellent strategic fit and we are excited by the opportunity we now have for further growth in this market. P-K will provide us with an improved product offering and customer reach with a potential to cross-sell. We welcome Graeme and his team to the Azelis family.”
Kevin Tobin, P-K’s majority shareholder and Director, adds: “I am very proud of what we have achieved in the last 30 years, having gradually grown the company to where it is today. I am convinced that this will only strengthen P-K and the company will continue to thrive under the ownership of Azelis and that our principals, customers, employees and other partners are in very good hands.”
Graeme Locke, General Manager P-K and future Managing Director Azelis Ireland, concludes: “Joining such a well established global player as Azelis will enable us not only to continue to deliver high quality products and service to our customers, but also to access new growth opportunities. Our business will benefit from the speciality chemicals focus of Azelis and their immense technical knowledge, including access to food labs.”