Auctus, a German mid-market private equity firm, has bought Abieta, a German specialist chemicals company previously co-owned by Swiss group Clariant and US-listed Hercules.
Details of the transaction were not disclosed, but the company has a turnover of about €24 million ($32 million).
Abieta develops and sells emulsifiers based on natural resin. Its products, which are used in the manufacture of plastics, pigments and adhesives, reduce the repulsive forces between substances which would normally separate, allowing them to be mixed together more easily.
Auctus plans to grow the business’s current operation in Germany, extend its influence across Europe and roll out new products.
German corporate finance boutique Helbling ran the auction.
This is Auctus’ first deal in the chemicals sector. The firm typically backs companies in fragmented service markets with a turnover between €20 million and €150 million, usually looking to create value through a buy-and-build strategy.