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Cinven to sell Chryso to Saint-Gobain

International private equity firm Cinven is to sell Chryso, a provider of specialty chemicals for the construction industry, to Saint-Gobain, a specialist in the building materials sector.

Headquartered in France, Chryso is a leading global manufacturer of concrete admixtures and cement additives, as well as construction systems. Chryso provides value-added technology and chemistry expertise to improve the performance of construction materials. The Company has international operations, spanning Europe, the US, Asia, the Middle East and Africa, and generates revenues from more than 100 countries worldwide. Chryso has 35 industrial sites and five R&D centres globally and employs c1,300 people.
Cinven’s French and Industrials teams identified Chryso as a compelling investment opportunity and acquired the business in June 2017, building on Cinven’s strong track record as a private equity investor in France and leading franchise in the Industrials sector (including realised investments in CeramTec and SLV, and a current portfolio including Tractel, TK Elevator and Lonza Specialty Ingredients).
Working closely with Chryso’s exceptional management team, led by Thierry Bernard, President and CEO, the key drivers of the strong performance under Cinven’s ownership include:
International expansion, as Chryso has continued to expand its geographical reach and entered new markets; notably, Chryso has significantly grown its business in the United States in recent years;

Successfully growing the business through buy-and-build M&A, including completing six bolt-on acquisitions under Cinven’s ownership. The acquisitions served to diversify Chryso’s product offering into adjacent segments and to enter new geographies;

Significant investment in R&D and innovation to provide tailor-made solutions for its global customer base, including the design of innovative additives to reduce energy and production costs and significantly improve CO2 footprints; and 

Implementation of best practices to deliver commercial excellence and improve operational efficiency across the group.
Pierre Estrade, Partner at Cinven, says: “We are very proud of the growth and success that Chryso has achieved in the past four years. Chryso is a great example of Cinven’s strategy of backing high quality European companies and management teams to expand internationally, and to support growth through accretive bolt-on M&A. We have no doubt that Chryso and its 1,300 employees will continue to thrive under the ownership of Saint-Gobain. We would like to thank them all for their achievements under Cinven’s ownership and we wish them every success for the future.”
Thierry Bernard, President and CEO of Chryso, adds: “Cinven’s support has enabled Chryso to continue our strong organic growth trajectory, to accelerate our acquisition strategy, and to expand into new markets. Chryso has now become a truly global leader in the construction chemicals market, providing technically innovative products for our customers, and market-leading environmentally sustainable solutions for the construction industry. We are enthusiastic about the next chapter of our growth journey as part of the Saint-Gobain group.”
Completion of the transaction is expected in the second half of 2021, and is subject to customary approvals. Cinven was advised on this transaction by Freshfields, BCG, KPMG, Deloitte/Taj, and ERM. The Chryso management team was advised by Dechert and Callisto.

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