IMCD to acquire 100% of Velox
IMCD N.V. announced that it signed an agreement to acquire 100% of the outstanding shares of Velox GmbH (“Velox”), a group of companies with its headquarter in Hamburg, Germany. With an extensive commercial network across Europe and its long-standing relationships with global suppliers in the plastics, composites and other specialities markets, Velox is an excellent fit with IMCD’s existing operations. The transaction is subject to regulatory review.
Aquisition adds value to suppliers and customers
Velox was established in 1993 and is a European distributor with a focus on specialities for the plastics, composites, additives, rubber, paints and coatings industries. With approximately 225 employees in18 countries Velox generated EUR 155 million revenue and a normalised EBITDA of EUR 5.4 million in 2017. Piet van der Slikke, CEO of IMCD, commented: “This acquisition enables IMCD to further strengthen its position as distributor of speciality plastics and additives. Our portfolios very well complement each other, and we expect to be able to create more value for our suppliers and customers.”Francois Minec, General Manager of Velox added: “Joining IMCD will provide Velox with excellent opportunities to further develop and execute its strategy as a leading distributor to the plastics- and composite industries.”The acquisition will be paid from available cash and existing bank facilities.