Alantra, the global mid-market investment banking firm, has advised the shareholders of H.K. Wentworth Limited (HKW), a UK-based manufacturer of electro-chemicals for the electronics, LED, automotive and industrial manufacturing industries, on the approximately $60m sale of the business to Element Solutions Inc.
Element Solutions is a NYSE-listed global and diversified speciality chemicals company based in Miami, US.
Headquartered in Ashby-de-la-Zouch, Leicestershire, HKW is a global specialist in formulated chemical products for the electronics industry, offering an array of products, including thermal management materials, conformal coatings, encapsulation resins, electronic cleaning solutions and general maintenance products with a presence in over 55 countries.
The business has manufacturing facilities in the UK, India and China and its products serve customers globally across a diverse set of end-markets, including consumer electronics, telecommunications, medical, automotive, military and aerospace. HKW generated sales of approximately $44m in 2020.
This is the latest in a series of transactions in the chemicals sector advised by Alantra and comes shortly after advising Solvay on the divestment of its Process Materials (PM) business to Composites One, advising Everstone Capital on its agreement to acquire Calibre, and advising Elkem on the acquisition of China Polysil Chemicals.
HKW’s shareholders were advised by Richard Sanders, Richard Benyahia and Mike Falzon based in Alantra’s Birmingham Office, and Ollie Hickley based in Alantra’s London office.
Richard Sanders, Partner at Alantra, who advised on the sale of H.K. Wentworth, commented: “We are delighted to have played an instrumental role in helping H.K. Wentworth find a partner that brings a powerful combination of experience and investment to support its ambitious expansion plans. The deal brings together two global businesses and as such, underlines Alantra’s ability to combine sector expertise, global relationships and local deal execution to meet the increasingly international needs of our clients.”
Ron Jakeman, CEO of H.K. Wentworth, said: “The Alantra team took the time to understand our business, presenting us with options that would best fit the long-term needs of the company and our clients. I was very impressed by their sector knowledge, access to global trade buyers and transaction delivery expertise, especially given the backdrop of the pandemic. We now have a partner in Element Solutions that will provide global support to help us accelerate our plans. They are the perfect strategic fit and we are excited about the growth opportunities that this partnership will bring to both organisations.”