New Delhi, Jan. 23 -- Bain Capital-backed Novopor Advanced Science, a global supplier of complex, high-value chemicals, has acquired US-based FAR Chemical, a custom and complex specialty chemicals manufacturer, from CPS Performance Materials Group.
The financial terms of the transaction were not disclosed.
FAR Chemical serves end markets, including electronics, aerospace, defense, coatings, adhesives, and other specialty chemical segments.
The acquisition is expected to help Novopor build an integrated specialty chemicals platform offering end-to-end solutions, from early-stage process development to commercial-scale manufacturing.
According to the company, FAR Chemical's expertise in complex chemistries and exposure to attractive end markets complement its existing capabilities and will help expand its footprint in the US.
"FAR Chemical's expertise in complex chemistries and track record with global performance chemical companies make it a strategic fit with Novopor. This acquisition enhances our ability to support a broader range of chemistries, accelerate time-to-market, and strengthen our presence in key high-growth markets," said managing director Radhesh Welling.
KPMG served as financial advisor to Novopor, with Alvarez & Marsal acting as technical advisor. Legal advisors to Novopor included Honigman LLP, Khaitan & Co, and Clifford Chance LLP. Raymond James, Forvis Mazars and Thompson Hine LLP advised FAR Chemical.
Novopor has been pursuing a buy-and-build strategy since Bain Capital acquired the company in mid-2023. In 2025, it acquired Pressure Chemical Company, a Pittsburgh-based high-pressure chemistry specialist, and commissioned a pilot plant facility in Visakhapatnam to bridge R&D and commercial production across agrochemicals, performance materials, and specialty chemicals.
Despite the expansion push, Novopor's topline declined to Rs 760 crore in FY24 from Rs 1,070 crore a year ago, marking a 29% drop. Operating revenue stood at around Rs 800 crore in FY20 and FY21, but fell to around Rs 680 crore in FY22. FY24 marks the second revenue decline over the five-year period between FY20 and FY24, according to VCCEdge, the data and research platform of VCCircle.
Novopor operates as a performance chemicals and material science contract development and manufacturing organization (CDMO). It offers services from development through commercial manufacturing across agrochemicals, performance chemicals, and material science. It runs R&D centers in Hyderabad and manufacturing facilities in Andhra Pradesh and Gujarat.
Meanwhile, FAR Chemical, founded in 1982 and headquartered in Palm Bay, Florida, supplies specialty and fine chemicals to customers in pharmaceuticals, advanced materials, coatings and adhesives, electronics, and industrial specialties. The company specializes in complex and hazardous chemistry, custom and toll manufacturing, chemical development, repackaging, and analytical support.
Published by HT Digital Content Services with permission from VC Circle.