The Camlee Group recently acted as lead adviser for its client, Norfolk based IFS Chemicals Ltd, which was acquired by Huntsman Corporation (TX, USA), a publicly traded global manufacturer and marketer of differentiated chemicals.
Located in Kings Lynn, IFS was established more than 35 years ago and its bespoke MDI systems are used in a diverse range of end markets, including insulation, appliances and automotive. The Company was founded in 1982 by Barrie & Diwy Colvin and Ian Widdowson, who have built the Company to be one of the most respected companies in the market over the past three decades.
Commenting on the acquisition, Tony Hankins, President of Huntsman’s Polyurethanes division said, “IFS provides us with great access to the growing downstream MDI formulations market in the UK. They have a highly experienced team with a very loyal customer base, which is due to their fast, flexible and dependable service.”
Barrie Colvin, who will continue to play an active role in the Company added “I believe the synergies created between Huntsman and IFS will provide exciting opportunities in the UK market. I’m looking forward to seeing IFS develop these new found relationships and want to thank Camlee for their support and dedication throughout the process”.
Advising IFS on behalf of Camlee were Managing Director; Cameron Varley and Corporate Finance Manager; Max Perry, who worked closely with the team throughout. Max commented, “We couldn’t be happier for Barrie, Diwy, Ian and the Company. The founders of IFS can move forward safe in the knowledge that the long term future of the Company is secure. Furthermore, the deal reflects a very positive outcome for all parties going forward and we’d like to wish both IFS and Huntsman all the best for the future.”
Legal advice was provided to the shareholders by James Hunter, Partner and Lucy Mitchell of Mills & Reeve LLP.
The deal value was not disclosed.