PE Fund Investments
Convergent Finance, Belgium's AvH turn co-promoters of Camlin speciality chemicals unit; launch op
Private Equity investor Convergent Finance and Belgium-based Ackermans & van Haaren (AvH) have become co-promoters of publicly listed Camlin Fine Sciences Ltd (CFS), a specialty chemicals company headquartered in Mumbai. The investors, along with CFS' current promoter Ashish Dandekar, are making an open offer to public shareholders for an additional 26% (4,45,60,177 shares) at INR 160 per share, aggregating to (assuming full acceptance of the offer) INR 713 crore. CFS is a vertically-integrated company, engaged in the research, development, manufacturing, and marketing of products that find applications in industries such as foods and fragrances, pharmaceuticals, agrochemicals, animal feed, and bio-diesel. The company's key products include shelf life solutions (antioxidants used in food preservation), performance chemicals (specialty chemicals sold for specific industrial applications) and vanillin (which offers the taste and aroma of 'vanilla' flavor). Camlin has global operations across Asia-Pacific, Europe, and the Americas. From the Venture Intelligence PE-VC Deal Database: In June 2020, Convergent Finance had invested INR 180 crores (USD 23.8 million) in Camlin Fine Sciences Limited that would result in an approximately 22.65% ownership stake on a fully diluted basis. The proceeds of the fund raise would be used to acquire the entire stake of joint venture partners in CFS Group's subsidiaries in Mexico and China. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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