LONDON: Synthomer plc has agreed to sell its inorganic chemistry business, William Blythe Ltd., to its management team and H2 Equity Partners for £30 million, the company announced Tuesday.
Founded in 1845, William Blythe specializes in inorganic derivatives used in life sciences, performance coatings, electronics and renewable energy. The Accrington, Lancashire-based business employs about 85 people and was deemed non-core to Synthomer following a 2022 strategic review.
In 2024, William Blythe reported sales of £54 million and adjusted EBITDA of £4 million. The deal, expected to close by the end of May, is subject to customary conditions. Proceeds will go toward reducing Synthomer’s net debt.
“This divestment sharpens our focus on higher-growth specialty chemicals markets,” said CEO Michael Willome. He called the sale a “win-win,” expressing confidence in the management team and H2 Equity Partners to lead the business forward.
Synthomer, a global supplier of specialty chemicals, operates in over 30 countries.