Chemicals

Context
Founded in 1992 in Brazil, Sylvestre is one of the country’s leading producers of botanical extracts and natural ingredients, with a portfolio of more than 200 ingredients serving the food, beverage, nutraceutical, and nutrition industries. The company is recognized for its expertise in the development of botanical extracts, fruit powders, superfruits, and plant-based functional systems, combining privileged access to Brazil’s biodiversity with advanced extraction and drying technologies. This positions Sylvestre as a reference in high-value natural solutions.

Prodalim, in turn, is a global leader in juice and specialty ingredient solutions, with an international presence and a vertically integrated supply chain. The company develops sustainable and innovative solutions for the food and beverage industry and structures its operations across strategic divisions such as Juice Solutions, Specialty Ingredients & Solutions, and SOLOS.

In this context, Prodalim acquired Sylvestre, integrating the company into its Specialty Ingredients & Solutions division. IGC Partners acted as exclusive financial advisor to Sylvestre in the sale process, which marks Prodalim’s strategic entry into the botanical extracts and natural functional ingredients segment.

Strategic Rationale
The acquisition strengthens Prodalim’s strategy to expand its global platform of natural and functional ingredients, enhancing its capabilities in plant extraction, functional system development, and clean-label solutions focused on health and wellness. The integration of Sylvestre enables the company to accelerate its presence in the functional beverage and healthy food ingredients segment, while also expanding its reach across international markets.

Through the transaction, Prodalim combines its global commercial platform and supply chain with Sylvestre’s expertise in accessing Brazil’s biodiversity and producing high-value botanical extracts. The transaction also creates additional opportunities for cross-selling and innovation in applications for food, beverages, and nutrition.

Furthermore, the acquisition represents a strategic step toward Prodalim’s structured entry into the nutraceuticals and dietary supplements market — a rapidly growing global segment driven by increasing consumer demand for preventive health, wellness, and functional nutrition solutions. The transaction also reinforces the company’s positioning in a natural ingredients sector undergoing accelerated global consolidation.

Context

SoluTaste is a Brazilian leader in flavours and taste solutions for the food & beverage industry, known for its strong R&D capability and nationwide operations.

Ireland-based Carbery Group, through its subsidiary Synergy Flavors, acquired 100% of SoluTaste, strengthening its footprint in Latin America and integrating the Brazilian company’s technical expertise and sensory solutions portfolio into the group. IGC advised SoluTaste and its shareholders on the sale to Synergy Flavors.

Strategic Rationale

The acquisition is designed to accelerate Synergy Flavors’ growth in Latin America—particularly in Brazil’s flavour and ingredients market—by leveraging SoluTaste’s local expertise in tailor-made flavour development.

The integration will enhance innovation (R&D) capabilities, broaden the sensory solutions portfolio, and increase responsiveness to customers, positioning the group as one of the leading players in the region. For SoluTaste and its founders, joining a global platform brings access to resources, new channels, and international scale.

Context

Positioned as a supplier of ingredients for the Nutrition and Flavors industries, Aplinova was acquired by Prinova, a leading distributor in the food ingredients market.

Founded in 1987, Aplinova became a leader in the food ingredients industry, distributing and producing high-quality solutions for a wide range of customers in Brazil. Headquartered in São Paulo, in the state of São Paulo, and with branches in Jundiaí and Manaus, the company has established an unparalleled reputation in the market due to the high quality, reliability, and technical service level provided to its customers.

Headquartered in Illinois, United States, Prinova is a global leader in the distribution of food ingredients, flavors, and fragrances. Since 2019, Prinova has been part of the Japanese Nagase Group, connected to a global distribution network with presence in the United States, Europe, Asia, and other regions.

Strategic Rationale

The acquisition of Aplinova, which was advised by igc partners, will drive Prinova's growth in Brazil in the food ingredients segment while also expanding its geographic presence in the consolidating chemicals distribution market.

Context

Founded in 1999, GR Química provides chemical solutions for water treatment and industrial effluents, being one of the leading gas chlorine packagers in the country and one of the largest sodium hypochlorite producers. The company operates in 5 locations in São Paulo, Minas Gerais, and Santa Catarina, covering most Brazilian states and exporting to Paraguay and Peru.

The operation stands out as one of the first private equity transactions in the chemical distribution segment in Brazil.

Strategic Rationale

The R$120 million investment, mainly cash-in, from the global private equity firm GEF Capital and Signal Capital, for a minority stake, will allow GR Química to accelerate its geographic expansion plan and inorganic growth.

Context

Plury Química, founded in 1989 and headquartered in Diadema (SP) with an additional branch in Paraíba, is a leading importer and supplier of specialty chemicals and ingredients for the human nutrition and beverage industries in Brazil. Known for quality, reliability, and customized services, it works with major food and drink producers.

Manuchar is a global chemicals distributor based in Antwerp (Belgium), present in Brazil since 1993. Operating with 2,500 employees worldwide (450 in Brazil), Manuchar serves markets across North & Latin America, Africa, Europe, the Middle East, and Asia. It offers distribution, logistics, and supply services across key sectors including human nutrition.

Strategic Rationale

The acquisition of Plury Química strengthens Manuchar’s presence in Brazil’s human nutrition segment and enhances its product portfolio with specialty chemicals expertise and client relationships. Integrating Plury's R&D capabilities, quality-focused operations, and established market reputation supports Manuchar’s growth strategy, providing stronger local reach and expanded offerings for its global client base.

Context

Caif, a supplier of premium, naturally sourced ingredient solutions, was acquired by Caldic, an Advent invested company, which is one of the global leaders in the specialty ingredients market.

Founded in 2016 and headquartered in South Carolina, United States, Caif offers sourcing, customized production, and distribution of natural ingredients for the food & beverage, dietary supplement, and pet industries. With a strong presence throughout the production chain, Caif ensures its clients receive products with the desired mix of ingredients that best fit their needs.

Caldic is a global provider of specialty ingredients and chemicals, offering solutions for the food, pharmaceutical, personal care, and industrial markets. Headquartered in Rotterdam, the Netherlands, and backed by Advent International, Caldic operates in over 40 countries and is recognized for its customer centric approach, sustainability efforts, and ability to deliver tailored solutions worldwide.

Strategic Rationale

The transaction, which was advised on the sell-side by igc partners, will significantly strengthen Caldic’s value-add product and services range for the dietary supplements and nutrition industry and enable further expansion in North America, specifically in the US.

Context

Founded in 1994, Sweetmix has a diversified portfolio, including food ingredients, pharmaceuticals and cosmetics. The company has more than 1,400 active customers and an experienced and technical team of over 70 employees.

Univar Solutions is a leading global distributor of specialty chemicals and ingredients, providing value added services, logistics, technical support, and digital tools to customers in a wide range of industries around the world.

Strategic Rationale

The acquisition of Sweetmix Distribuidora will strengthen and expand Univar's presence in the distribution of chemical ingredients in Latin America, in addition to strengthen relationships with local customers and global suppliers through a unique portfolio.

Context

Founded in 1959 and headquartered in Brusque, Santa Catarina, Quimisa is a leading distributor of industrial and specialty chemicals in Southern Brazil. The company supplies industrial chemicals—including caustic soda and hydrogen peroxide—and specialty products like textile auxiliaries, dyes, and polymers to industries such as textiles, household care, food & beverage, and paper. Quimisa operates four strategically located branches and owns Quimilog, a transportation subsidiary ensuring agile and efficient logistics.

Brenntag SE, headquartered in Essen, Germany, is the global leader in chemicals and ingredients distribution. Founded in 1912, the company has a presence in 76 countries with over 580 offices and employs more than 16,600 people worldwide.

Strategic Rationale

Brenntag’s acquisition of Quimisa and its logistics unit Quimilog strengthens the company’s position in Brazil by expanding its industrial and specialty chemicals offering. The transaction enhances Brenntag’s infrastructure and market capabilities in key Brazilian states—Santa Catarina, Paraná, Rio Grande do Sul, and São Paulo—enabling improved service to the textile and household chemical industries.

The acquisition also accelerates Brenntag’s regional growth strategy, combining local market leadership with global reach in a high-potential economy.

Context

Selectchemie LTDA, founded in 1970 and based in São Paulo, Brazil, is a leading distributor of pharmaceutical ingredients and excipients, representing major producers from the US, Europe, and Asia.

IMCD N.V., established in 1995 and headquartered in Rotterdam, Netherlands, is a global distributor and marketer of specialty chemicals and ingredients. IMCD focuses on delivering tailored chemical solutions across multiple sectors.

Strategic Rationale

In December 2015, IMCD acquired 100% of Selectchemie to strengthen its presence in the Brazilian pharmaceutical and specialty chemicals market. The acquisition provided IMCD with a robust local platform, technical formulation expertise, and access to top-tier global suppliers, enhancing its ability to support Brazil’s growing generics and pharmaceutical industries.

Context

D’Altomare Química Ltda., founded in 1972 and based in São Paulo, Brazil, is a specialized distributor of chemical ingredients serving the personal care, pharmaceutical, food-agriculture, electronics, and industrial markets. It operates multiple distribution centers, including in Embu and Manaus.

Univar Inc., founded in 1924, is a global distributor of specialty and industrial chemicals. Based in Downers Grove, Illinois, it serves over 130,000 B2B customers through more than 700 distribution sites worldwide.

Strategic Rationale‍

In November 2014, Univar Brasil acquired D’Altomare to deepen its footprint in Brazil and Latin America. The acquisition complemented Univar’s existing portfolio in specialty ingredients, coatings, lubricants, and adhesives and added robust logistics and service capabilities in high-growth sectors such as personal care and pharmaceuticals.

Context

Arinos Química Ltda., founded in 1997, is a Brazilian distributor of specialty and commodity chemicals. The company partners with over 60 chemical manufacturers and supplies more than 1,600 products to over 6,500 customers across various industries. Headquartered in Osasco (SP), Arinos also develops proprietary formulation products through its own branded product lines.

Univar Inc. is a global distributor of industrial and specialty chemicals, representing over 2,500 producers and serving approximately 80,000 customers worldwide. Founded in 1924 and headquartered in Downers Grove, Illinois, Univar operates more than 170 facilities across North America, Europe, Asia-Pacific, and Latin America.

Strategic Rationale

In September 2011, Univar acquired Arinos to strengthen its presence in the high-growth Brazilian chemical distribution market. The transaction provided Univar with a complementary business model, a broad local distribution network, and extensive market knowledge. It also allowed for synergies by expanding customer offerings, improving supplier access, and leveraging Univar’s global sourcing capabilities.