IMCD China to acquire Sanrise
IMCD has agreed agreement to acquire Shanghai Sanrise Industries & Development, a major distributor in China’s personal care markets. This will take place in two tranches: 70% now and the rest in 2025. Closing, subject to customary conditions and regulatory approval, is expected to take place in Q1 2023.
Shanghai-based Sanrise employs about 60 people and had sales of around €90 million in 2021. It will bring a personal care application laboratory to IMCD’s global network of technical centres. The company’s founders will remain at the helm after completion of the sale of the first tranche of shares.
This follows on from numerous acquisitions over the past two years, which contributed substantially to a rise in sales and earnings. In the first nine months of 2022, IMCD has announced, revenue were 31% up at €3,511.8 million, while gross profit grew 42% to €883.0 million, operating EBITA by 59% to €443.5 million and net result by 74% to €264 million.
“All regions realised double-digit organic growth numbers. In addition, we successfully expanded our global network and product portfolio by acquisitions in all of our regions, most recently in Mexico and US, Japan and China,” commented CEO Piet van der Slikke.