IMCD is to acquire 100% of the shares of Shanghai Sanrise Industries & Development Co., Ltd. (Sanrise), one of the leading distributors in the personal care markets in China.
The transaction will take place in two tranches, with IMCD first acquiring 70% of Sanrise’s share capital and the remaining 30% in 2025.
The founders of Sanrise will continue to lead the company post-completion of the first tranche.
With approximately 60 employees, Sanrise generated a revenue of approximately RMB 630 million (c. €90 million) in 2021.
Belgian firm IMCD said Sanrise adds a personal care application laboratory to its global network of technical centres.
“The acquisition will provide IMCD with a comprehensive portfolio from leading global suppliers and elevate our technical expertise with the addition of a fully-equipped technical centre, putting us in a strong position in the Chinese market,” added IMCD Asia president Andreas Igerl (pictured, second from right).
“This is a significant milestone to accelerate our growth momentum by complementing our existing life science portfolio and business.”
Tony Wang (pictured, far right), founder and general manager of Sanrise, added: “I am impressed with IMCD’s deep knowledge of the personal care market and the recognition given to Sanrise.
“I believe that IMCD will elevate our operations and management with their globalisation and network.”
The closing of the transaction is subject to customary closing conditions and regulatory approval and is expected to take place in the first quarter of 2023.
In a related development, IMCD has appointed Jean-Paul Scheepens as president of its US operations, effective 1 November.
Prior to joining IMCD, Scheepens, who is a dual citizen of the US and the Netherlands, held leadership positions at Avient, PolyOne, PPG and AkzoNobel.
He will be based in the Greater Cleveland headquarters of IMCD US, which has regional offices in California, Texas, New Jersey and market-focused laboratories located in California, New Jersey, Texas and Florida.