German personal care ingredient distributor Brenntag has acquired Shanghai Saifu Chemical Development Company (Saifu) for an undisclosed sum.
Founded in 2005, Saifu distributes personal care ingredients, coatings, emulsion polymerization, and cleaning chemicals and provides related solution services.
Saifu had an annual revenue of €71m ($78m) in 2022. The company currently has over 100 employees and serves more than 1,000 customers in the Greater China region, and has a dedicated technology application centre with two laboratories.
Brenntag Specialties chief operating officer Michael Friede said: “Joining forces with Saifu in China is a significant step, expanding our global specialities footprint in the region and in the Asian personal care market, and strengthening our value-added services offering and innovation capabilities.”
Saifu managing director Yu Tao added: “Our customers, suppliers, shareholders, and our employees will greatly benefit from becoming part of Brenntag, which is the largest chemical and ingredients distribution company in the world.
“We are built on the principles of value and responsibility, attributes which Brenntag stands for as well, and we hope to grow and continue to serve our current and future customers and supply partners as part of the Brenntag family.”
Closing of the transaction is expected in later this year, after the fulfilment of customary closing conditions.