Azelis Buys Canadian Distributor Chemroy
Belgium-headquartered chemicals distributor Azelis has acquired 100% of Canadian distributor Chemroy, strengthening its presence in North America’s northernmost country.
With the buy, Azelis said it is gaining a foothold as one of Canada's leading specialty distributors with a strong position in the CASE (coatings, adhesives, construction and ink), food, pharmaceutical, nutraceutical and personal care market segments.
Chemroy is complementary to Azelis in terms of markets served, principal relationships and product offering, the European distributor said, adding that it has well established relationships with the majority of the Canadian company’s principals.
Founded in 1967, the Canadian distributor has its headquarters in Brampton, Ontario, and warehousing across the country, in addition to offices in Laval, Quebec, and Vancouver, British Columbia. The company employs 59 people.
Frank Bergonzi, CEO and president of Azelis Americas, called the deal an important milestone for his company in the region. This, he said, “will ensure a more robust product portfolio to our customers."
The North American buy is the third takeover announced by Azelis this year. In January, the company said it had agreed to buy Euroconsultant, a Polish distributor of flavors, shelf-life extenders and other products. In March, it revealed the acquisition of MK Ingredients & Specialties and its subsidiary SSD, an Indian distributor active in the food and health market.
Financial terms were not disclosed for any of the transactions. Azelis belongs to private equity investors EQT VIII and PSP Investments.