Introduction Worldwide and Wilbur-Ellis announce the merger of their corporations

Introduction Worldwide and Wilbur-Ellis announce the merger of their corporations

Advent International (“Advent”), one of the largest and most experienced global private equity investors with a well-established track record in chemicals, and Wilbur-Ellis, one of the world’s largest family-owned companies, announced today that they have entered into an agreement to merge its life sciences and specialty chemical solutions companies, Caldic BV (“Caldic”) and Connell, creating a global leader in its industry.

Caldic, a global supplier of ingredients and specialty chemicals to the life sciences and industrial formulations markets, with a strong presence in Europe, North America and Latin America, will benefit from increasing its global presence through a merger with Connell, which is one of the main players in Asia-Pacific.

Under the ownership of Advent and Wilbur-Ellis, the combined company will benefit from two strong shareholders committed to developing a leading global platform that offers end-to-end expertise in specialty ingredients and chemical solutions and distribution in two high-growth regions: Asia-Pacific with Connell and in Latin America with Caldic-GTM, following the merger of Caldic and GTM in March 2022. By extending the global presence of Caldic and Connell, the merger will accelerate growth opportunities for both the Board and the customers and will drive more investment in people, technical labs and facilities. Together, Caldic and Connell will have more than 3,800 employees in 43 countries, who will offer solutions to more than 35,000 customers through 75 formulation centers and application labs and deep application know-how. The combination will generate sales of around EUR 3 billion.

Ronald Ayles, Managing Partner at Advent International, said: “By combining the highly complementary companies of Caldic and Connell, we will form a truly global company with significant exposure to high growth regions and very diverse end markets with a high value offering. aggregate. At Wilbur-Ellis, we’ve found a committed partner who shares our long-term vision of building a fully integrated company focused on growth and innovation. We look forward to working together with Wilbur-Ellis and the management teams at Caldic and Connell on this exciting new chapter that offers synergistic business development opportunities for the board and customers.”

John Buckley, President and CEO of Wilbur-Ellis, said: “We couldn’t be more excited about the partnership between Connell and Caldic. With Caldic’s strong global position and Connell’s 125-year presence in Asia Pacific, the partnership will immediately establish a leading global distributor of specialty chemicals and ingredients. The combined company will provide a wide range of solutions to customers.”

In recent years, Caldic has emerged as a fast-growing, innovation-driven player. The company continually invests in value-added resources and has established itself as a leader in exciting and high-growth life sciences end markets. Caldic’s management team has a history of acquiring companies and subsequently integrating and accelerating their growth under their ownership.

Alexander Wessels, CEO of Caldic, stated: “We are delighted that Advent is partnering with Wilbur-Ellis as this will create a unique opportunity to combine two major players, Caldic and Connell, each with a strong family heritage, supported by a solid private shareholder base with extensive industry experience. Bringing together similar entrepreneurial cultures and complementary geographies reinforces our ambition to establish Caldic as a global growth platform with a significant presence in two high-growth regions, Asia Pacific and Latin America. This is an exciting time for us to join forces as we accelerate our growth and firmly position the company as one of the world’s leading players in our industry.”

Connell’s product portfolio includes specialty chemicals and ingredients for life science segments such as food, pharmaceuticals and personal care, as well as industrial segments such as coatings, rubber and lubricants. With a significant presence in Asia-Pacific, Connell’s strengths lie in its network of first-rate directors, combined with technical and marketing experience, and its broad presence in local segments. These strengths allow Connell to meet specific customer requirements through custom formulation and marketing support and dedicated value-added blending capabilities, which it has developed during its 125 years of local presence in the Asia Pacific region.

Azita Owlia, who will serve as CEO of the combined companies in Asia Pacific, added: “In terms of value creation, this represents a huge win for our customers, suppliers and employees. We will be stronger than ever and able to offer reach and resources to the segments we serve, as well as global growth opportunities for our employees.”

The transaction is expected to close during the first quarter of 2023, subject to customary regulatory conditions and approvals. Terms of the agreement were not disclosed.

In this transaction, Wilbur-Ellis and Connell were advised by Rabobank and Natrium Capital, joint financial advisors.

About Advent International: Founded in 1984, Advent International is one of the largest and most experienced private equity investors in the world. The company has made more than 395 private equity investments in 41 countries and, as of June 30, 2022, had USD 96 billion in assets under management. With 15 offices in 12 countries, Advent operates globally and seamlessly with a team of more than 270 private equity investment professionals across North America, Europe, Latin America and Asia. The company focuses its investments in five main sectors: industry and chemicals, commercial and financial services, technology, healthcare and retail, consumer and leisure. For over 35 years, Advent has been dedicated to making international investments and is committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

In addition to Caldic, Advent has invested in more than 30 companies in the chemical sector in recent years. Examples include Röhm, one of the global market leaders in methacrylate chemicals; allnex, a global leader in resins for the paint and coatings industry; Oxea, a leading provider of Oxo alcohols and Oxo derivatives; and VIAKEM, a leading manufacturer of fine chemicals.

Advent’s approach is to provide meaningful support to management teams by assisting with operational resources and expertise from its Portfolio Support Group and Third-Party Operating Partner Program.

For more information, visit:

About the Wilbur-Ellis companies: Founded in 1921, the Wilbur-Ellis companies are the leading international marketers, distributors and manufacturers of agricultural products, animal nutrients and specialty chemicals and ingredients. By developing strong relationships, making strategic investments in the market and capitalizing on new opportunities, the Wilbur-Ellis companies continued to grow the business with sales of more than USD 3.5 billion. For more information, visit

About Caldic: Because we care, we touch the lives of hundreds of thousands of people every day. We inspire innovative and sustainable solutions in life sciences and specialty chemicals for the world’s food, pharmaceutical, personal care and industrial markets. Our solutions, carefully sourced and tailored to specifications where needed, are backed by excellent research and development, customer service, and technical and regulatory support, ensuring they meet precisely determined needs at every stage of the value chain.

Across Europe, North America and Asia Pacific, our approximately 2,600 employees do their best, day in and day out, to deliver value-added solutions to our customers. In our activities, we adopt the principles of sustainability, designing products, services and processes with this in mind. From formulation to delivery, from ingredient to packaging, from supplier to customer, we care about every detail of what we do. Because every detail is in our care.

For more information, visit

About Connell: Connell is a leading marketer and distributor of specialty chemicals and ingredients in Asia Pacific, with 125 years of experience. Its extensive network, present in 48 locations in 18 countries, is where the resources of large companies meet the agility of small companies. Connell offers exceptional data and services for the life sciences and industry markets, while promoting a wide range of leading global manufacturers, its own formulated products and extensive technical, marketing and supply chain expertise. With its deep market knowledge and creative approach, Connell offers its business partners limitless opportunities to grow their businesses.


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