Tennants Consolidated group chairman Paul Alexander comments that Tessenderlo, a subsidiary of Belgian multinational chemicals company Tessenderlo Group, is an ‘excellent fit’ for the group’s existing portfolio.
West Midlands-based Tessenderlo, which supplies chemicals across a range of industries such as food, farming and plastics, reported a turnover of £45 million last year, according to a statement from Clearwater Corporate Finance which advised Tennants on the deal. Tessenderlo will be renamed Tennants Fine Chemicals following the completion of the acquisition.
Established in 1797, Tennants is an international chemical distributor, with manufacturing sites in North America, Europe and China. The business, which has a Manchester-based distribution centre and is headquartered in London, employs more than 750 people and has sales of £300 million.
Philip Nuttall, a partner at Clearwater says, ‘The chemicals sector is a vital part of UK exports and has a substantial role in future economic growth. The acquisition of TCF indicates the ambition of Tennants to bolster its global manufacturing footprint and establish itself as a leading player in the fine chemicals sector.’