Safic-Alcan has acquired a majority stake in ChemSpec Ltd.
It will see Safic-Alan controlling 75% of chemical and polymer distributor ChemSpec.
“This transaction is in line with the strategic vision of the group to expand geographically in North America while developing business on its own without any restriction,” Martial Lecat, CEO of Safic-Alcan, said in a prepared statement.
ChemSpec was founded in 2003 by Dave Moreland, who will remain at the company as minority shareholder and serve as president.
ChemSpec has a portfolio of 190 active customers, according to the companies. Revenue forecast for 2015 is expected to exceed US$41 million, an increase from US$36 million in 2014, the news release said.
“We are extremely pleased with Safic-Alcan’s keen interest in ChemSpec, Ltd. and their vision for the North American market,” Moreland said in a statement. “The growth of ChemSpec, Ltd. is the result of our excellent supply base of quality manufacturers and service providers; partnerships with our many customers; and our dedicated employees.”
Safic-Alcan began as a supplier to the rubber industry but later added coatings, adhesives, cosmetics and pharmacy to its portfolio.
The French group soon plans to use ChemSpec to support a push into cosmetics in North America, Lecat said, as well as a later move into coatings, plastics and active ingredients for pharmaceuticals.