M&A Deal Summary

Nitto Denko Acquires Avecia Biotechnology

On February 4, 2011, Nitto Denko acquired chemicals company Avecia Biotechnology from Investcorp and Cinven

Acquisition Highlights
  • This is Nitto Denko’s 1st transaction in the Chemicals sector.
  • This is Nitto Denko’s 1st transaction in the United States.
  • This is Nitto Denko’s 1st transaction in Massachusetts.

M&A Deal Summary
Date 2011-02-04
Target Avecia Biotechnology
Sector Chemicals
Buyer(s) Nitto Denko
Sellers(s) Investcorp
Cinven
Deal Type Add-on Acquisition

Target

Avecia Biotechnology

Milford, Massachusetts, United States
Avecia is an international specialty chemicals manufacturer. At the time of the Cinven acquisition, it comprised multiple divisions. Five of those divisions, Stahl, Performance Intermediates, Neoresins, Fine Chemicals and Pharmaceuticals and Electronic materials have been sold to date. The remaining business is the Biotechnology division, encompassing the Biologics and DNA manufacturing activities.

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Buyer(S) 1

Buyer

Nitto Denko

Osaka, Japan
Category Company
Founded 1918
Sector Consumer Products
Employees25,300
Revenue 929.0B JPY (2023)
DESCRIPTION

Nitto Denko is a company which produces tapes, vinyl, LCDs, insulation, and several other products. Nitto Denko was founded in 1918 and is based in Osaka, Japan.

DEAL STATS #
Overall 1 of 7
Sector (Chemicals) 1 of 1
Type (Add-on Acquisition) 1 of 6
State (Massachusetts) 1 of 1
Country (United States) 1 of 4
Year (2011) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-30 Aveva

Miramar, Florida, United States

AVEVA is a transdermal drug delivery provider. The company provides pharmaceutical partners with fully integrated, controlled-release transdermal products that fulfill unmet market needs or supply high-quality, affordable brand equivalents. Aveva was founded in 1991 and is based in Miramar, Florida.

Sell -

Seller(S) 2

SELLER

Investcorp

New York, New York, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1982
PE ASSETS 53.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Investcorp is a global investment group focused on a variety of investment disciplines. Practice areas include private equity in North America and Western Europe, hedge funds, US real estate, technology investments, and Middle Eastern private equity. Within North America/Europe private equity, Investcorp targets market leaders with proven track records. It looks to invest $15 to $50 million in companies with revenues of $10 to $250 million. Investcorp's technology group sponsors growth-oriented control investments in the tech sector. Investcorp's Middle East practice focuses on buyout/build opportunities in North Africa and the Gulf Region. Target sectors include services, infrastructure, manufacturing, and energy. Investcorp was formed in 1982 and is based in Manama, Bahrain.

DEAL STATS #
Overall 47 of 106
Sector (Chemicals) 2 of 4
Type (Add-on Acquisition) 25 of 46
State (Massachusetts) 3 of 5
Country (United States) 32 of 62
Year (2011) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-13 Fleetmatics Group

Wellesley Hills, Massachusetts, United States

Fleetmatics Group PLC is a global provider of mobile workforce solutions for service-based businesses of all sizes delivered as software-as-a-service (SaaS). The Company's solutions enable businesses to meet the challenges associated with managing local fleets, and improve the productivity of their mobile workforces, by extracting actionable business intelligence from real-time and historical vehicle and driver behavioral data. Fleetmatics group's Web-based solutions provide fleet operators with visibility into vehicle location, fuel usage, speed and mileage, and other insights into their mobile workforce, enabling them to reduce operating and capital costs, as well as increase revenue.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-06 eviivo

London, United Kingdom

eviivo is a software provider for small and medium-sized accommodation businesses to manage their online and offline bookings, allocate rooms, allow for flexible pricing, invoice and process payments. With over 4,400 customers, eviivo was founded in 2011 and is based in London, United Kingdom.

Buy -
SELLER

Cinven

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1977
PE ASSETS 39.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Cinven is a private equity firm focused on buyout investments in growing, profitable businesses located throughout Europe and North America. Sectors of interest include business and financial services, healthcare, industrial, retail, leisure, consumer, technology, media, and telecommunications. Cinven looks to invest a minimum of €200 million in companies with minimum enterprise values of €400 million. Cinven does not invest in start-ups or development phase companies. Cinven was established in 1977 and is headquartered in London.

DEAL STATS #
Overall 86 of 126
Sector (Chemicals) 4 of 5
Type (Add-on Acquisition) 18 of 30
State (Massachusetts) 2 of 2
Country (United States) 8 of 11
Year (2011) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-02 EnServe Group

Borehamwood, United Kingdom

EnServe Group Ltd. is a provider of infrastructure support services to the Utility sector, operating principally in the UK and with a growing international presence.

Buy €424M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-04 SLV

Ubach-Palenberg, Germany

SLV is a provider of lighting fixtures for residential and commercial spaces. Its vertically integrated model delivers competitive advantages in development, sourcing, logistics, and distribution. It is able to offer high-quality products at attractive prices with leading levels of service. It has consistently outperformed the market in the last several years and has increased its market share in Germany and internationally. SLV was founded in 1979 and is based in Übach-Palenberg, Germany.

Buy -
Mergr

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