Cosmetics & Personal Care
IMCD’s growth story solidifies with the envisaged acquisition of Siyeza in South Africa 1st September 2020
IMCD N.V. (“IMCD” or “Company”), a leading distributor of speciality chemicals and ingredients, today announces that it has successfully signed an agreement to acquire 100% of the shares in the South African distributor Siyeza Fine Chem Propriety Limited (“Siyeza”).
Siyeza, based in Johannesburg, was founded in 2007 and is a leading distributor of pharmaceutical, veterinary, food and personal care speciality chemical ingredients in South Africa. The company has 27 employees and generated a revenue of €11.7 million in 2019 through their representation of world leading producers from Europe and Asia.
Ryan Harrison, Managing Director IMCD South Africa, comments: “For almost 15 years, IMCD South Africa has shown steady growth. As a leading speciality chemical company for the Sub-Saharan Africa market we are focused on bringing added value to our customers and principals. I’m delighted with the acquisition of Siyeza as it solidifies IMCD pharmaceuticals business. It also places us in an ideal position to keep supporting our suppliers’ growth and continue offering solutions to our customers.”
Sungie Moodley, Managing Director Siyeza says: “We are very pleased to become part of the IMCD family and excited about the potential of combining our knowledge of the South African market with IMCD’s global reach and strong formulation and technical know-how.”
The company will continue with its present management and staff.
The closing of the transaction is subject to customary regulatory review and is expected in December 2020.