Azelis India expands its agrochemicals and home care business and its specialty chemicals footprint for industrial applications with the acquisition of Spectrum Chemicals and Nortons Exim

Azelis is delighted to announce that it has signed an agreement to acquire the distribution assets of the Indian companies Spectrum Chemicals and Nortons Exim Private Limited (“Spectrum”). Both companies are owned by the Mehta family and specialize in the distribution of specialty chemicals for home care, the road sector, agrochemical and other applications. Spectrum has offices in Mumbai and New Delhi. 

Highlights & rationale

• Highly complementary to Azelis’ current portfolio in India, Spectrum will further expand Azelis’ offering in agrochemicals, home care and industrial cleaning as well as bespoke specialty chemicals for industrial applications.
• Following on this acquisition, Azelis will expand its technical capabilities in India by adding an agrochemicals lab to the ones that already cater to the local customer needs in CASE, personal care and food market sectors.
• This transaction is consistent with Azelis' corporate strategy of complementing organic growth with targeted acquisitions.

Mr. Parindu Mehta, the current owner of Spectrum, will remain with Azelis. Spectrum will provide Azelis with betteraccess to other regions of India, enabling Azelis to gain additional cross-selling opportunities in related markets and attract new mandates. The deal is also expected to facilitate growth opportunities in India in both agrochemicals and road marking. There is a plan to set up an agrochemicals lab at Azelis’ premises soon, in addition to the three labs Azelis already runs in India: CASE, personal care and food. The transaction is expected to complete in the next two weeks.

Ms. Aparna Khurana, Managing Director of Azelis India, says:

“We have been building our presence in India through a mix of organic growth and strategic acquisitions, but in a market as large and diverse as India there is always more that can be achieved. That is why we are continually reviewing our portfolio and carefully monitoring market developments, in a continuous effort to provide the local customers with the best possible product mix and highest quality services. We are very excited about the excellent complementary portfolio that Spectrum is bringing onboard, allowing us to provide an improved lateral value chain to our customers.”

Mr. Parindu Mehta, Founder and Business Director of Spectrum, comments:

“We are very excited about this next stage in our company history. Having built strong presence in the local market, the time is right for us to partner with a reputable, international player who can provide access to new principals and help us expand our reach altogether. The new partnership will increase specialization and customer/supplier intimacy driven by market knowledge.”

Mr. Laurent Nataf, CEO & President of Azelis Asia Pacific, adds:

“Azelis India has demonstrated strong growth over the last years and has quadrupled its sales since 2018, which was partially driven by organic growth but also through acquisitions made in food (MK Ingredients) and pharma (S. Zhaveri) sectors. Azelis India has an excellent track record of successful integrations and is looking forward to welcome Spectrum to the Azelis family. Spectrum will give Azelis India better access to agrochemical and industrial chemical segments.”

Azelis has been active in India since 2008. Its staff counts some of industry’s best professionals in its sales, financial and SHEQ echelons. Azelis India currently operates application laboratories for Food, Personal Care and CASE.

The acquisition of Spectrum illustrates the support provided by EQT since the initial acquisition of Azelis. EQT is confident that the expanded range of services and global reach provided by this acquisition will continue to bring benefits to customers and principals of the combined group.