Italmatch is sold by one private equity firm to another

Italmatch, an acquisitive Italian chemical maker, is being sold by the private investment house Ardian to Bain Capital Private Equity for an undisclosed sum. Italmatch was formed in 1997 by current CEO Sergio Iorio. The company went on a buying spree after Ardian bought it in 2014, acquiring nine businesses worldwide, including the U.S. firm Dextrex; the French metal separations start-up Magpie Polymers; an Afton Chemical metalworking fluids business; and phosphorus-related businesses from Compass Chemical, Ecolab, Solvay, and Thermphos. Ardian says Italmatch’s sales more than doubled over the four years to about $465 million. Bain is also in the process of acquiring DSM Sinochem Pharmaceuticals (see story below).