Ackermans & van Haaren (‘AvH’), through its wholly owned subsidiary Anfima NV, entered into a cooperation agreement with Ashish Dandekar and funds advised by Convergent Finance LLP to become co-promoters of Camlin Fine Sciences Limited (‘CFS’).
Under the above-mentioned cooperation agreement, the copromoter investors will join Ashish Dandekar, CFS’s current promoter, who will continue to drive CFS’ strategy and further strengthen its position as a global provider of diverse specialty chemicals. AvH and Convergent will support the company through their global networks and industrial expertise and with matters relating to corporate governance and capital allocation.
Convergent Finance LLP is a Mumbai-based investment management and advisory partnership with a focus on investing in well-established and listed companies in India. AvH concluded a partnership with Convergent in October 2022 with the aim of increasing its investment exposure to market leaders in India. In line with its active and industrial investment philosophy, AvH intends to co-invest alongside Convergent in selected companies, such as Camlin, with the aim of having a direct representation in the governance.
The cooperation agreement is subject to certain conditions precedent, including the completion of an open offer to be undertaken in accordance with applicable SEBI regulations. This open offer will be made on 26% of CFS’ shares at a share price of 160 INR implying a total offer size of 79 million euros, of which AvH is committing up to 53 million euros and a fund advised by Convergent for up to 26 million euros (assuming full subscription), and is expected to close during the quarter ending September 2023. AvH’s shareholding post the open offer will be function of the number of shares tendered.
About Ackermans & van Haaren
Ackermans & van Haaren positions itself as the long-term partner of choice of family businesses and management teams to help build high-performing market leaders and contribute to a more sustainable world.
Ackermans & van Haaren is a diversified group operating in 4 core sectors: Marine Engineering & Contracting (DEME, one of the largest dredging companies in the world – CFE, a construction group with headquarters in Belgium), Private Banking (Delen Private Bank, one of the largest independent private asset managers in Belgium, and asset manager JM Finn in the UK – Bank Van Breda, niche bank for entrepreneurs and the liberal professions in Belgium), Real Estate (Nextensa, a listed integrated real estate group) and Energy & Resources (SIPEF, an agroindustrial group in tropical agriculture). In its Growth Capital segment, AvH also provides growth capital to sustainable companies in different sectors.
At an economic level, the AvH group represented in 2022 a turnover of 5.7 billion euros and employed 21,453 people through its share in the participations. AvH is listed on Euronext Brussels and is included in the BEL20 index, the BEL ESG index and the European DJ Stoxx 600 index.
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