(Press Release) GTM, a Latin American chemical distributor and portfolio company of Advent International, announced the acquisition of Peru’s leading chemical distributor, Peruquímicos, for an undisclosed amount. The transaction marks Advent’s first direct investment in Peru.
Lima, Peru. GTM Holdings, SA (GTM), the second-largest chemical distributor in Latin America, today announced that it has acquired Peruquímicos S.A.C., the leading chemical distributor in Peru. Advent International, one of the largest and most experienced global private equity investors, is the controlling shareholder of GTM and is providing equity financing to support GTM’s acquisition of Peruquímicos S.A.C. This transaction marks Advent’s first direct investment in Peru. Terms of the agreement were not disclosed.
Founded in 1995, Peruquímicos S.A.C. specializes in the import, marketing, storage and distribution of chemical products. It is the largest chemical distributor in Peru distributing close to 100 products from almost 50 suppliers to more than 1,000 clients.
The acquisition of Peruquímicos S.A.C. will enhance GTM’s service capabilities in Peru and the rest of Latin America and is aligned with the company’s strategy to offer a robust line of products and services to its customers. GTM has an affiliate in Peru, Transmerquim of Peru, as well as operations in Argentina, Brazil, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua and Panama.
“The acquisition of Peruquímicos S.A.C. further strengthens our presence in Peru and supports our growth strategy of creating a leading regional platform that offers a robust set of services to our customers across Latin America,” said Michael van Marle, Chairman and CEO of GTM. “Together, GTM and Peruquímicos S.A.C. provide our customers with a new option that integrates the experiences and quality of both companies in a portfolio of innovative products, technologies, services and solutions unique to Latin America.”
“The combination of Peruquímicos S.A.C. and GTM will create important synergies that will have a positive impact on our ability to serve our customers in Peru,” said Rina Corzo, Founder of Peruquímicos S.A.C. “Joining with GTM is an important next step in the long and successful history of Peruquímicos S.A.C. and we are excited that this transaction will create many opportunities for business development in Peru.”
As GTM and Peruquímicos S.A.C. begin to integrate operations, each company will continue to operate under its current legal name and continue with normal business operations.
“Acquisitions are an important part of GTM’s growth strategy and we are pleased to support the company as it continues to expand its product and service offerings to customers and grow inorganically,” said Mauricio Salgar, a Managing Director in Advent’s Bogotá office. “The acquisition of Peruquímicos S.A.C. marks Advent’s first direct investment in Perú and we are very excited about growing our presence in the country and partnering with more firms to help them accelerate their value creation processes.” Advent is one of the leading private equity investors in Latin America. Since 1996, the firm has invested in over 50 companies across Latin America. Advent has been active in the chemicals and materials industry for more than 25 years, during which time it has invested in over 30 companies in the sector globally. Its recent investments in the sector include Quala, VIAKEM, GTM, Allnex, Maxam, Mondo Minerals, Oxea and H.C. Starck.