M&A

M&A

Dorf Ketal acquires Canada's Fluid Energy Group's speciality portfolio

Press Release  

Mumbai-headquartered Dorf Ketal Chemicals, through its wholly-owned subsidiary Dorf Ketal FZE, has acquired Canada's Fluid Energy Group's global modified and synthetic acid business, including the Triton industrial business. The acquired businesses reported a turnover of over INR 485 crore (C$80 million) in 2022. The acquisition was partially funded by internal accruals and a long-term loan from Citibank and Exim Bank of India. The energy and power division of Piper Sandler served as the exclusive corporate finance advisor to the shareholders of Fluid Energy Group for the transaction. EY India was the advisor for Dorf Ketal. Fluid Energy Group was founded in Calgary, Alberta, Canada in 2011. It has a patented product line of modified and synthetic acids applied across industries including water treatment, energy and petroleum, mining, industrial, consumer, and food and beverages.