(Press Release) Advent International’s GTM Holding agreed to acquire a majority stake in Mexican specialty chemical distributor, High Chem Specialties in Mexico.

GTM Holding, the second-largest chemical distributor in Latin America, today announced that it has agreed to acquire a majority ownership interest in High Chem Specialties in Mexico. High Chem Specialties, a distributor of specialty chemicals, primarily serves the domestic Mexican market with a range of services in the graphic arts, construction, coatings, plastics and adhesives industries, amongst others. The transaction is expected to close in the third quarter of 2016, subject to regulatory clearances. Terms of the agreement were not disclosed.

High Chem Specialties was founded in 2002, and today, is one of the most recognized distribution companies focused on the specialty chemicals industry in Mexico. In 2015, the company generated sales of approximately US$40 million. This acquisition will enhance GTM’s service capabilities in Mexico and the rest of Latin America and is aligned with the company’s strategy to offer a robust line of products and services to its customers.

“The acquisition of High Chem Specialties supports our vision of creating a leading regional platform for GTM’s integrated and innovative solutions and services in the Americas”, explained GTM’s Chairman and Chief Executive Officer, Michael van Marle. “In addition to expanding our footprint with more service centers in Mexico, High Chem Specialties has an expertise in application and formulatory services that can be applied to other markets where GTM has a presence.

“For more than 20 years, our dedicated employees have worked to build a business that represents quality service in Mexico” said Eduardo Salinas, President and Managing Director of High Chem Specialties. “As we look ahead to the future, it is clear that GTM will provide a platform that will allow us to focus on the success of our customers, create growth opportunities for our suppliers and employees and implement our expansion plans into other regions and industrial sub-sectors. I am excited to partner with GTM to continue to grow this leading distribution company.”