19 November 2008 17:48 [Source: ICIS news]
MOSTYN, Wales (ICIS news)--UK detergents ingredients manufacturer Warwick International intends to enhance its chemicals distribution business through bolt-on acquisitions ahead of a possible sale of the group by private equity owners in three-to-five years time, it said on Wednesday.
Warwick International’s finance director, Steve Williams, said the company was looking for £10m (€12m, $15m) to £30m-turnover distribution businesses, particularly in Asian countries such as Thailand, Singapore and Indonesia, where there is faster demand growth.
“We would like to build up a group of distribution businesses in Asia. We want to move up a league and add value before a sale,” Williams said.
To prepare for a sale, management and accounting structures have already been separated from the manufacturing business, he said.
Warwick’s chemical distribution business is focused on specialties. The company said it expects to achieve sales of £85m-90m this year, growing to over £100m in 2009.
It was established in 1989 and has a presence in Europe and ?xml:namespace>
In September 2008, Warwick was subject to a £129m management buy-out. Close Brothers Private Equity injected £55m into the deal with debt financing from Royal Bank of
($1 = €0.79, £0.67)
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