A Mumbai-headquartered chemicals maker has acquired a £62m-turnover Staffordshire counterpart.

Eternis Fine Chemicals has snapped up Tennants Fine Chemicals, which is based in Leek, and its wholly owned subsidiaries in Singapore and China, from Tennants Consolidated.

Eternis managing director Rajen Mariwala said: "As we step into 2021, I speak on behalf of the team at Eternis in expressing my excitement with this significant step of successfully completing our first overseas acquisition in our growth journey.

"The addition of this large independent, high-end manufacturer enhances our business and brings with it many strategic advantages.

"We will now have established operations in Europe and Asia, with the ability to service our customers from stock hubs and partners.

"The combined product offer will position us well for further growth. In many respects, a perfect fit."

Billy Gittins, managing director of Tennants Fine Chemicals, added: "I see positive outcomes as we enter into this new partnership.

"Our combined manufacturing footprint across two key regions will offer better security of supply.

"Our regional service strategy in China and SE Asia has proved beneficial and will be further strengthened with the addition of Eternis’ products. I am excited about our future, together."

Lincoln International acted as exclusive financial advisor to the transaction.

DSK Legal (India) acted as legal advisor to Eternis and its promoters, along with Simmons & Simmons (who acted as UK counsel) and Rajah & Tann (who acted as Singapore counsel).

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