BALMORAL FUNDS takes majority stake in TRECORA RESOURCES

Turpaz Industries, acting through its wholly owned subsidiary Turpaz USA, has executed a definitive agreement to acquire an 81% majority stake in Klabin Fragrances. The deal structure incorporates performance-based adjustments for the 2022 fiscal year and includes a put/call option mechanism for the remaining 19% equity interest, exercisable for a one-year period beginning January 1, 2026. The acquisition is financed through a combination of independent corporate resources and external bank financing. This transaction serves as a highly synergistic platform investment designed to significantly scale the North American footprint of the buyer. The acquisition perfectly aligns with a broader sector consolidation strategy, allowing the parties to merge their existing US operations to maximize manufacturing efficiencies at the New Jersey facility. Combining resources will unlock substantial procurement synergies and deepen the value-add product offering available to the joint customer base. This deal acts as a strong signal for ongoing cross-border sector consolidation within the specialty chemicals and fragrance ecosystem, where well-capitalized global players actively deploy dry powder to capture specialized regional assets. It underscores the market appetite for value-accretive bolt-on acquisitions that immediately enhance regional manufacturing capacity.

The acquisition of a majority stake in Clayens Group by One Equity Partners marks the exit of the previous majority shareholder, Siparex, which alongside existing co-investors and the incumbent management team led by CEO Eric Pisani, will reinvest as minority partners to maintain corporate continuity. Under Siparex’s stewardship since 2019, the group scaled its operations from €273 million to over €350 million in trailing twelve-month revenue, primarily driven by the execution of four strategic add-on acquisitions that expanded its geographic and technological footprint. The transition of ownership to One Equity Partners is timed to capitalize on macro-driven industrial re-shoring trends, as multinational OEMs shift production volumes from China back to European and North American manufacturing hubs amid increasing supply chain constraints. Moving forward, the post-acquisition operational agenda focuses on accelerating Clayens' transition from a regional European champion into a global outsourced manufacturing platform by leveraging One Equity Partners' capital and pipeline in North America to execute cross-Atlantic transformational combinations. The immediate growth strategy prioritizes scaling existing facilities in North America and Eastern Europe, increasing utilization across the 25 operational sites, and pursuing target acquisitions to broaden specialized technical capabilities in high-margin sectors such as medical and aerospace components.

The executive team of Safic-Alcan successfully organized a new Management Buyout (MBO) to reorganize its capital and reinforce management control. The transaction values the group above €1.0 billion, a significant milestone following a period of record growth. The deal marks a leadership transition, with Yann Lissillour succeeding Martial Lecat as CEO. A key feature of this transaction is the expansion of the employee shareholder base, with the goal of having over 500 employees holding equity. The financial sponsors provided a mix of equity and bond financing (obligations) to allow the management team to "re-lever" and strengthen their majority position. This structure ensures Safic-Alcan remains an independent, management-controlled entity while securing the resources for continued international development.

This primary recapitalization transaction formalizes the partnership between LFM Capital and Novex, representing the second platform acquisition out of LFM’s third fund and marking the transition of the business from a family-run enterprise into an institutionalized manufacturing platform. The deal structure features an extensive equity rollover by founder and Chief Executive Officer Chuck Lynn alongside his family, preserving complete executive alignment, safeguarding proprietary product-formulation intellectual property, and ensuring stable customer relationship continuity across the wholesale network. The transaction is fundamentally motivated by immediate production capacity constraints at the target's Ohio plant, where historical demand has outpaced capital deployment for factory floor machinery, leaving significant unexploited volume growth. Post-closing commercial priorities will focus on leveraging LFM’s internal engineering resources to execute targeted capital expenditure programs aimed at expanding extrusion throughput, professionalizing marketing and business development divisions to capture new original equipment manufacturer accounts, and underwriting an aggressive, programmatic buy-and-build strategy to consolidate the highly fragmented North American industrial belting and plastic consumables sector.

The Carlyle Group has announced its intention to acquire Altadia Group, the world's largest manufacturer of intermediate products for the production of ceramic tiles. This strategic acquisition will enable Carlyle to strengthen its presence in the materials sector and capitalize on the growth of the ceramic market. The acquisition of Altadia Group is the result of a sale process led by Lone Star Funds, which had acquired the group in 2017. Carlyle plans to finance the acquisition through a senior secured term loan and a senior secured revolving credit facility. The transaction is subject to customary regulatory approvals and is expected to be completed in the first half of 2022. This acquisition represents a significant strategic opportunity for Carlyle, which will be able to capitalize on Altadia's leading position in the ceramic market and its expertise in research and development. Carlyle plans to support Altadia's growth through the development of its R&D platform and strategic acquisitions to expand its presence in international markets.

The acquisition of Coventya by Element Solutions Inc represents a major turning point in the professionalization of the surface treatment sector, signaling a shift toward global industrialized chemical platforms. The strategic rationale for this transaction centers on a "portfolio-synergy" play, merging Coventya’s industry-leading technical operational depth in specialty plating with Element Solutions Inc's massive global scale and R&...D infrastructure. This structural alignment provides the combined organization with the scientific hardware required to address the increasing complexity of global supply chains, specifically the rising demand for lightweight aluminum treatments and sustainable hybrid-vehicle components.

Private equity firm BC Partners and the Canada Pension Plan Investment Board (CPPIB) have partnered to acquire advanced ceramics producer CeramTec. Following the completion of the deal, BC Partners and CPPIB will each hold a 50% equity stake in the company. The transaction facilitates the buyout of the stake previously held by BC Partners alongside its co-investors, which included the Ontario Teachers' Pension Plan (OTPP), Public Sector Pension Investment Board (PSP), Credit Suisse, and Adam Street Partners. Moving forward, BC Partners is deploying capital through its BC Partners Fund XI vehicle, while the deal concurrently marks the first realization for BC Partners Fund X. Prevailing as the highest bidder in the sale process, CPPIB is making an initial capital contribution of approximately EUR 800 million. The transaction is strategically intended to allow BC Partners to realize additional value within the platform. Together with CPPIB, the sponsors plan to continuously take advantage of further potential growth opportunities operating within the medical technology space. During its prior holding period under BC Partners, CeramTec successfully executed robust operational improvements, strengthened its medtech operations, and significantly developed its product pipeline.

Iberchem has acquired a 95% stake in Parfex, a French fragrance house, with the intention to launch a squeeze-out to delist the company from Euronext Access. This acquisition is highly strategic for Iberchem (and its parent Croda), as it secures a foothold in Grasse, France, enhancing its legitimacy in the "Prestige" and "Fine Fragrance" segments. Parfex's focus on premium, natural ingredients complements Iberchem's existing portfolio, which is historically stronger in emerging markets and mass-market applications.

The transaction involves Wendel and the Deconinck family forming a partnership to acquire a significant stake in Tarkett. The partnership, known as Tarkett Participation, will launch a simplified tender offer to acquire Tarkett shares at a price of €20 per share, representing a premium of 25.8% to the last closing price. The transaction is subject to certain conditions, including the receipt of regulatory approvals and the tender of a minimum number of shares. If the offer is successful, Wendel will hold up to 30% of Tarkett Participation, alongside the Deconinck family, which will maintain a controlling stake in the company.

The acquisition of Gault & Frémont by Groupe GUILLIN marks a strategic expansion of the latter's offering in paper and carton packaging solutions, complementing its existing portfolio of plastic and hybrid packaging products. Through this acquisition, Groupe GUILLIN aims to leverage Gault & Frémont's industrial expertise, innovative products, and commitment to environmental responsibility, to reinforce its position as a European leader in food packaging solutions. The acquisition is expected to enable Gault & Frémont to pursue its development in a proactive and long-term manner, with the support of Groupe GUILLIN's industrial and commercial expertise. The deal is part of UI Investissement's asset rotation strategy, following its initial investment in Gault & Frémont in 2015, and is expected to create new opportunities for growth and development for both companies.