Azelis will expand its technical capabilities in India by adding an agrochemicals lab to the ones that already cater to the local customer needs in CASE
Azelis, an innovation service provider in the specialty chemicals and food ingredients distribution industry, announces that it has signed an agreement to acquire the distribution assets of the Indian companies Spectrum Chemicals and Nortons Exim Private Limited (“Spectrum”). Both companies are owned by the Mehta family and specialize in the distribution of specialty chemicals for home care, the road sector, agrochemical and other applications. Spectrum has offices in Mumbai and New Delhi.
Highlights & rationale
Highly complementary to Azelis’ current portfolio in India, Spectrum will further expand Azelis’ offering in agrochemicals, home care and industrial cleaning as well as bespoke specialty chemicals for industrial applications.
Following on this acquisition, Azelis will expand its technical capabilities in India by adding an agrochemicals lab to the ones that already cater to the local customer needs in CASE, personal care and food market sectors.
This transaction is consistent with Azelis’ corporate strategy of complementing organic growth with targeted acquisitions.
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: CASE, personal care and food. The transaction is expected to complete in the next two weeks.
Aparna Khurana, Managing Director of 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 on board, allowing us to provide an improved lateral value chain to our customers.”
Parindu Mehta, Founder and Business Director of Spectrum, commented, “We are very excited about this next stage in our company history. Having built 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.”
