Among other products, the company from the ‘Flemish Ardennes’ develops flame retardant and insulating coatings for work suits. What’s more, in 2020, Devan Chemicals made headlines with a product that can reduce the number of viral particles on textiles, which proved useful in response to the COVID-19 pandemic.
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German chemical expert buys sector peer from Flanders
Investment fund Pentahold had been the main shareholder of Devan Chemicals, which is headed by CEO Sven Ghyselinck, since 2013. That’s about to change, as Pulcra is coming on board as the new owner.
In acquiring Devan Chemicals, the German specialty chemicals firm purchases a strong and sound company that accounted for EUR 15.3 million in sales as well as a gross operating profit (ebitda) of EUR 3.9 million in 2020. The Flanders-based company paid out an interim dividend of 4.43 million in October 2020.
For us, Pulcra Chemicals is the natural next step in the development of Devan. “After a long and successful ownership by Pentahold, we are pleased to integrate into a larger textile chemistry player like Pulcra Chemicals. This new home will allow the innovative Devan finishes to find a faster way into the global textile market and will help the textile industry benefit from more sustainable products.
As for the acquiring party: Pulcra was once part of a division of the German multinational Henkel – a chemical and consumer goods firm headquartered in Düsseldorf – before becoming an independent company in 2007. Devan is Pulcra’s first real acquisition. Until now it has grown organically, although it did incorporate a division of German chemical giant BASF in 2013.
The acquisition of Devan supports our vision of being the leading international benchmark for sustainable chemistry. Both organizations have long histories of creativity, innovation excellence and a shared commitment to communities. With our combined platform, Pulcra will become a stronger partner for our customers.