October 21, 2005

 

ChemChina acquires Adisseo


 

China National Chemical Corporation (ChemChina) and CVC Capital Partners   Limited announced that ChemChina has acquired all outstanding shares in Drakkar Holdings S.A., which was the Belgian parent company for Adisseo. This marked ChemChina's first international acquisition.

 

Drakkar was controlled by funds by CVC.

 

The transaction's completion was subject to certain regulatory approvals and was expected to happen before the end of this year.

 

ChemChina said the acquisition was perfectly its growth strategy worldwide, in light of Adisseo's established record in innovation and excellent management team. The company also expected strong growth across each of Adisseo's product groups.

                             

Patrick Verschelde, Chief Executive Officer, Adisseo Group, said the transaction allowed Adisseo to continue pursuing development of all its key initiatives, as well as benefit from ChemChina's support as a major player in Asia's chemicals sector.

 

Anthony Clinch, Managing Director, CVC, expressed satisfaction with the transaction, which was "something of a landmark deal for the European private equity sector." He added that Adisseo would be able to further develop its products in fast growing markets, while fully drawing on its excellent technological capabilities.