Chemicals specialist GRI Group has sold a Belgian subsidiary for £13.9m, as it eyes new deals.
TensaChem was snapped up by Kuala Lumpur Kepong Berhad, of Malaysia. The transaction is subject to European regulatory approvals and is expected to complete within two months.
The firm, based in Liege, turns over £65m-a-year and makes personal care, household care and industrial chemicals.
Graham Royle, chairman of GRI Group, said: “TensaChem is renowned for its technology, quality and service and has been a hugely successful part of GRI Group since 2002. KLK has exceptional worldwide connections in the markets in which TensaChem operates and, as a vertically integrated producer of the key raw materials used by TensaChem, will make a superb strategic parent to provide TensaChem’s next chapter of growth. As for GRI Group, we have some exciting acquisition prospects in the pipeline, which can now receive our full attention.”
Law firm Nabarro and BHP Corporate Finance, acted for GRI Group.