Advent sells coating resins maker Allnex to Thailand PTTGC for $4.75bn

HOUSTON (ICIS)–Global private equity investor Advent sold coating resins maker Allnex to Thailand’s PTT Global Chemical (PTTGC) for USD $4.75bn, the companies announced on Monday.

German-based Allnex is a producer of industrial coating resins offering a wide range of coatings – including powder resins, industrial waterborne resins, energy curable resins, crosslinking resins, used in the industrial, metal, automotive and packaging industries.

The coatings resins maker has a global production network of 33 manufacturing sites and 23 research and technology facilities.

Advent acquired the business eight years ago through a carve-out, which was then called Cytec. During that time, Advent re-named the company Allnex and worked to invest significantly into the growth of this business. In 2016, it acquired resins manufacturer Nuplex to strengthen its access to emerging markets.

The private equity firm said its investment in growth totalled to more than USD $1.78bn.

“Our significant investment in growth lead to an impressive track record – especially in green technologies. With PTTGC, we have now found the ideal partner to support Allnex’s next phase of growth and to continue its success story,” said Ronald Ayles, managing partner and head of Advent, global chemicals and materials.

PTTGC is a unit of energy major PTT, and its portfolio includes the manufacturing and distribution of upstream, intermediate and downstream petrochemical products.

The deal will improve Allnex’s access to raw materials and the Asian market, which has the potential for strong growth for coating resins, the companies said.

The deal is expected to close in Q4 2021, subject to regulatory approvals.