Safex Chemicals Acquires UK Based Briar Chemicals for GBP 73 Mn in One of the Largest Overseas Agrochemicals Transactions

– First overseas acquisition by Safex Chemicals, a leading Indian agrochemicals company.
– Briar Chemicals is the UK’s leading agrochemicals CDMO company, based in Norwich.
– Acquired from Germany-headquartered AURELIUS Equity Opportunities SE & Co. KGaA.
– Safex Chemicals is backed by ChrysCapital, one of India’s largest private equity firms, which owns a significant minority stake in the business.

Safex Chemicals India Limited (Safex), a fast growing Indian agrochemicals company, announces the acquisition of Briar Chemicals (Briar), the UK’s leading agrochemicals Contract Development and Manufacturing Organisation (CDMO) provider, from the pan-European alternative investment firm AURELIUS Equity Opportunities. Safex is backed by ChrysCapital, one of India’s largest private equity firms, which owns a significant minority stake in the business.

Briar Chemicals, based in Norwich, is the UK’s leading agrochemicals CDMO solutions provider and serves the world’s most innovative agrochemicals companies. It was formed as a carve-out transaction from Bayer CropScience in 2012. Briar has complex chemistry and CDMO process development capabilities and employs around 250 people. The company operates from a 115-acre well-invested manufacturing site consisting of lab to large scale reactors, with sufficient available space and infrastructure for future expansion. Neeraj Jindal, Director of Safex, has joined the Board of Briar Chemicals and will steer the future growth of the company.

“We are delighted to enter the UK by acquiring the country’s pre-eminent independent agrochemical CDMO provider. The addition of Briar to Safex’s crop protection business strengthens our position in the global agrochemicals market.”
– Piyush Jindal, Director of Safex.

The CEO of Briar, Shaz Rashid welcomed the acquisition by Safex as a clear next step in the development of Briar and Safex in a growing Agricultural market landscape.

“Safex is a natural home for Briar Chemicals and we are very excited to be joining the Safex family where growth, development, transparency and entrepreneurialism are key fundamentals which we are both aligned on for the future. Our combined heritage will allow us to take advantage of our wealth of experience and understanding of the international markets.”

Founded in New Delhi in 1991, Safex is a leading Indian manufacturer and supplier of the most advanced crop protection chemicals. Safex is one of the fastest growing agrochemicals companies in India, having achieved a Combined Annual Growth Rate of over 25% in revenues over the last five years. Briar is Safex’s first overseas acquisition and forms part of the
company’s strategy for global expansion in step with the substantial growth of the worldwide agrochemicals market, which is set to increase in value by over 11% from USD 62.3 billion in 2022 to USD 69.4 billion in 2026.

New agricultural land cannot be developed fast enough to keep up with global population growth, which is expected to increase from about 7.6 billion people now to around 8.8 billion by 2035, so farmers rely on agrochemicals to generate greater yield. Another long-term macro driver of the agrochemicals industry is rising biofuel consumption, which is forecast to grow by around 30% in the five years from 2021 to 2026 as result of
high and rising oil prices.

“Acquiring Briar Chemicals will fast-track Safex into becoming a fully integrated company, present in all industry verticals. Strong operational synergies and strategic vision will help Safex to become an important player in the global agro chemical industry. This is a
very exciting time for our business.”
– Mr. SK Chaudhary, Founder Director of Safex.

Mr R K Jindal, another director of Safex, views the acquisition as a sign that Indian agrochemical industry has arrived

“The acquisition of Briar is strategic and will help catapult Safex’s growth in the global agrochemicals market. In addition to providing equity, ChrysCapital will work with management on the transition and integration of the acquisition”
– Raghav Ramdev, Managing Director of ChrysCapital.

“Briar is a trusted long-term partner to many of the world´s largest chemical groups, with an impressive heritage. Since becoming part of the AURELIUS portfolio, Briar first stabilised and subsequently significantly expanded its position. We thank the Briar team for their efforts and contribution to this success story and wish them continued success as part of Safex’s European business.”
– Matthias Täubl, CEO of AURELIUS Equity Opportunities.

About Safex Chemicals
Founded in 1991, Safex Chemicals is a leading player engaged in the manufacture and sale of crop protection products across India. Safex Chemicals is amongst the fastest growing agrochemical companies in India with a 25%+ revenue CAGR over the past 5 years. The Company has successfully expanded into a pan-India player with a presence across the agrochemicals value chain in India. Briar is Safex’s third acquisition in the last 18 months. The Company operates six manufacturing facilities located across India.
To find out more, visit www.safexchemicals.com

About ChrysCapital
Established in 1999, the ChrysCapital group manages $5 billion across nine funds and is one of the leading investment firms based out of India. With almost 100 investments since 1999, ChrysCapital has valuable experience in investing across a breadth of sectors that leverage growth and the India cost advantage to build world class companies. The ChrysCapital group has developed a strong track record with several successful realizations, delivering over $6.4 billion from 75+ exits. The ChrysCapital group’s funds are ranked in the top decile of global private equity funds of similar vintage.
To find out more, visit www.chryscapital.com

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