Akcros is one of the world's leaders in the field of additives for the processing and manufacturing of polymers which are used to improve products, process and profitability for customers in many industries including sealants, paint and coatings markets.
The company was founded at its headquarters in Eccles, Greater Manchester in 1937. Operations have expanded to US, Hong Kong and India and the group employed over 150 people at the time of the transaction.
In 2007, a majority stake in Akcros was purchased by GIL Investments, a private investment firm specialising in turnaround or distressed investing, certain MBO’s & acquisitions of non-core assets from corporate owners.
In November 2015, Akcros acquired the trade and certain assets of the operations of Lamberti based in Italy.
In late 2015, Akcros entered into discussions over the potential sale of the business into Polymer Additives INC (trading as Valtris Speciality Chemicals). As such, our Corporate Finance was subsequently contacted by the management team in December 2015 to provide additional assistance in delivering the deal to completion following the signing of a letter of intent on 28 December 2015.
Our role in the transaction involved support in respect of drafting legal documentation and negotiation support in relation to the net working capital and locked box mechanism. This resulted in an improved equity value to the vendors.
A positive outcome for both the institutional investors and the management team which sees Richard Catchpole retained as President, Europe and Asia, alongside his existing.
We provided corporate finance advisory, tax, and SPA advisory support to Akcros shareholders, enabling a seamless and joined-up process for all parties and securing a successful outcome for the shareholders.
Grant Thornton advised us on the acquisition by Valtris, giving clear guidance on all financial matters, including the locked box mechanism. The locked box was a new concept to the selling and buying side teams and Grant Thornton gave this mechanism good structure and accuracy, allowing all concerned to understand the transaction. They also conducted the anti-trust work that enable successful filings in various countries. Overall an excellent company to work with.
Richard Catchpole President, Europe and Asia, Akcros Holdings Limited
