Azelis to acquire distribution assets of Indian companies

There is a plan to set up an agrochemicals lab at Azelis’ premises soon

Azelis, an innovation service provider in the specialty chemicals and food ingredients distribution industry, has signed an agreement to acquire the distribution assets of the Indian companies Spectrum Chemicals and Nortons Exim.

Both companies are owned by the Mehta family and specialize in the distribution of specialty chemicals for home care, road sector, agrochemical and other applications.

Parindu Mehta, the current owner of Spectrum, will remain with Azelis. Spectrum will provide Azelis with better access to other regions of India, enabling Azelis to gain additional cross-selling opportunities in related markets and attract new mandates. The deal is also expected to facilitate growth opportunities in India in both agrochemicals and road marking.

There is a plan to set up an agrochemicals lab at Azelis’ premises soon, in addition to the three labs Azelis already runs in India on CASE, personal care and food. The transaction is expected to complete in the next two weeks.

Aparna Khurana, Managing Director, Azelis India said, “We have been building our presence in India through a mix of organic growth and strategic acquisitions, but in a market as large and diverse as India there is always more that can be achieved. That is why we are continually reviewing our portfolio and carefully monitoring market developments, in a continuous effort to provide the local customers with the best possible product mix and highest quality services. We are very excited about the excellent complementary portfolio that Spectrum is bringing onboard, allowing us to provide an improved lateral value chain to our customers.”

Parindu Mehta, Founder and Business Director, Spectrum said, “Having built a strong presence in the local market, the time is right for us to partner with a reputable, international player who can provide access to new principals and help us expand our reach altogether. The new partnership will increase specialization and customer/supplier intimacy driven by market knowledge.”

Laurent Nataf, CEO & President, Azelis Asia Pacific said, “Azelis India has demonstrated strong growth over the last years and has quadrupled its sales since 2018, which was partially driven by organic growth but also through acquisitions made in food (MK Ingredients) and pharma (S. Zhaveri) sectors. Azelis India has an excellent track record of successful integrations and is looking forward to welcoming Spectrum to the Azelis family. Spectrum will give Azelis India better access to agrochemical and industrial chemical segments.”

The acquisition of Spectrum illustrates the support provided by EQT since the initial acquisition of Azelis. EQT is confident that the expanded range of services and global reach provided by this acquisition will continue to bring benefits to customers and principles of the combined group.