June 2009
SEAVI Advent’s portfolio Chemspec International Limited completes its Initial Public Offering on the New York Stock Exchange
Chemspec International Limited (“Chemspec”) is a leading China-based contract manufacturer of highly engineered specialty chemicals. In particular, Chemspec is the largest manufacturer of fluorinated specialty chemicals in China based on sales with a share of approximately 21% and 25% of the Chinese market in 2007 and 2008, respectively, according to a commissioned report prepared by Frost & Sullivan. Chemspec attained sales of RMB944.9 million (US$138.3 million) and net income of RMB313.8 million (US$45.9 million) in 2008.
Chemspec manufacture specialty chemicals, which are typically highly engineered chemicals used as building blocks in the manufacture of more advanced chemicals or to enhance the performance of the end products manufactured by end users in various industries including electronics, pharmaceuticals and agrochemicals. In particular, Chemspec is a principal supplier of fluorinated specialty chemicals used in the manufacture of thin film transistor liquid crystal displays, or TFT-LCDs, and other electronics. Chemspec is also a supplier of fluorinated specialty chemicals to a number of international pharmaceutical companies for use in a number of patented, FDA-approved drugs and to agrochemical companies.
SEAVI Advent saw the growth opportunity in the Chinese specialty chemical sector and invested into Chemspec in June 2006. Chemspec International Limited completed its Initial Public Offering on 24 Jun 2009, raising a total of US$72.7mil. Credit Suisse and Citi were the lead underwriters on the deal.
About SEAVI Advent Private Equity
SEAVI Advent Private Equity, the Asian affiliate of Boston based private equity institution Advent International Corporation, is one of the first private equity and venture capital firms to operate in the Asia Pacific region. Since 1984, the firm has invested over US$500 million into many Asian companies, from growth to late stage, as well as buyout and control transactions. SEAVI Advent has successfully helped more than 40 portfolio companies strengthen their business positions through initial public offerings on the stock exchanges of Singapore, Hong Kong, United States of America, Malaysia, Thailand, Indonesia and Philippines.
In recent years, SEAVI Advent has successfully conducted numerous investments and has been instrumental in delivering value for its portfolio companies, which include Venture Corporation Ltd and Yangzijiang Shipbuilding (Holdings) Ltd.
Contact Details
HOE Boon Kwee (Singapore)
Tel: +65 6339 9090
bkhoe@seavi.com.sg
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