Costa Rica/Colombia. GTM (Grupo Transmerquim SA), recognized as one of the most important distributors of chemical products in Latin America, announced that its founding shareholders have signed a definitive agreement to transfer control of the company to Advent International, a private equity firm. The transaction is expected to close in December 2014, but the terms of the deal were not disclosed.
Richard Kellogg, Chairman of the Board of Directors of GTM, stated that "there are tremendous growth opportunities for GTM in Latin America and beyond. Advent's resources and vision will facilitate both GTM's acquisition plan and continued organic growth. Our management team has come to know their counterpart at Advent well, and I believe the strong cultural attunement between them will be an important added value for GTM to continue on its way into the future."
For his part, Mauricio Salgar, Managing Director of Advent's office in Bogotá, Colombia, said that "we are excited to start working with the GTM team, as it is a leading company in the chemical industry in Latin America, with very important growth prospects, in countries in the region that continue to develop and mature."
The company reported that no changes to GTM's management team or the company's existing operations are expected as a result of this transaction.
Since its founding in Guatemala 31 years ago, GTM has grown organically to become one of only two chemical distribution companies with a Pan-American presence. GTM provides chemicals and logistics services to more than 10,000 customers in a variety of personal care industries for oil exploration through its 40 offices in 12 countries, from Mexico to Argentina, and its supply offices in Houston and Beijing.
