Sentio Partners has advised the shareholders of Aston Chemicals Ltd on the sale of the business to DKSH Great Britain, part of the global DKSH Group.
Founded in the early 1990s, Aston is a leading distributor of speciality ingredients to the European personal care industry. Headquartered in Aylesbury, and with operations in Poland, the business is highly regarded for its integrated service offering, including dedicated R&D and formulation support. Backed by 35 years in the UK and almost 20 years in Poland, Aston combines longstanding market presence with specialised formulation know-how, to service a wide range of personal care customers across Europe, including many of the world’s best-known brands such as Estée Lauder, Coty and Boots.
The acquirer Group, Swiss Exchange (SIX) listed DKSH Plc, is a c.£10bn revenue multinational, operating across 36 markets with more than 28,000 employees worldwide. The acquisition of Aston strengthens DKSH’s presence in the UK and Poland, adding further depth to its European personal care operations.
Louis Moulin, CEO of Aston Chemicals, said: “Joining DKSH is an exciting next chapter for Aston Chemicals and our team. We are proud of what we have built over the past decades and look forward to combining our expertise with DKSH’s global platform to drive future success together.”
Transaction highlights
The transaction involved a number of complexities, with the Sentio team successfully navigating difficult trading conditions in the wake of a global slowdown in consumer demand. Despite temporary trading challenges, Sentio successfully unlocked additional shareholder value through a complex working capital negotiation and a property revaluation. The deal structure was also renegotiated to incorporate an over-performance earn-out mechanism, creating the opportunity for value upside should Aston profitability exceed post-completion targets and recover to historical levels.
John O’Gara, Director at Sentio Partners, commented:
“Aston is a high-quality business with an excellent reputation in the personal care market. Despite challenging trading conditions, we were able to secure a strong outcome for the shareholders and a structure that creates further upside potential. We are delighted to have supported Louis, Dani and the team on this important next step in Aston’s journey.”
Professional Advisors
The Sentio deal team comprised of John O’Gara, Will Arnold and Freddie Parry. Legal advisers included; Freeths (Megan Atack, Dahren Naidoo and Madelaine Gape) and Tyr Law (Giles Clegg and Samuel Hodkinson).
DKSH were advised by Cleary Gottlieb Steen & Hamilton LLP (Gabriele Barbatelli and Mario Casella) and PwC (Francesco Giordano, Nicolo Brombin and Edoardo Micaletto).
