New Delhi, May 7 -- Novopor Advanced Science Pvt Ltd, a performance chemicals and material science company controlled by private equity firm Bain Capital, said Wednesday it has acquired a US-based specialty chemicals company.

Hyderabad-headquartered Novopor has taken over Pressure Chemical Company, an affiliate of the Minafin Group and a provider of high-pressure and specialty chemistry services. Financial terms of the transaction were not disclosed.

The acquisition is part of Novopor's strategy to build an integrated specialty chemicals platform, by combining early-stage development capabilities with large-scale manufacturing. The acquisition will enable Novopor to expand its facilities and technical capabilities, the company said in a statement.

Founded in 1964 and headquartered in Pittsburgh, Pennsylvania, Pressure Chemical specialises in high-pressure chemistry, polymerisation, and alkoxylation. The company offers process development, piloting, and low-volume high-value manufacturing.

"This acquisition strengthens our ability to support customers across the full development lifecycle - from early-stage innovation through to commercial manufacturing," said Radhesh Welling, CEO of Novopor.

KPMG, PwC, and Wombat Capital Markets LLC served as financial advisors, and Honigman LLP, JSA and Clifford Chance LLP served as legal advisors to Novopor.

Fairmount Partners, Mazars and Pierre Abitbol served as advisors to Pressure Chemical Company.

Novopor collaborates with global customers across agrochemicals, performance chemicals, and material science. It operates R&D and innovation centres in Hyderabad, and manufacturing sites in Andhra Pradesh and Gujarat.

The company was earlier known as Porus Labs. In June 2023, Bain Capital acquired a majority stake in the company for an undisclosed amount. In January last year, Bain Capital appointed Radhesh Welling CEO of the company, succeeding Srinivasan Namala.

For the year through March 2024, the company posted consolidated net revenue of Rs 760 crore, down from Rs 1,070 crore in 2022-23, as per data from VCCEdge. Despite that, it turned a profit in FY24, recording a net profit of close to Rs 80 crore, compared with a net loss of Rs 48 crore in 2022-23.

Published by HT Digital Content Services with permission from VC Circle.