IMCD South Africa Acquires CPS Oil-Tech

IMCD South Africa Acquires CPS Oil-Tech IMCD South Africa expands its presence in mineral oils and energy sectors with the acquisition of CPS Oil-Tech. IMCD South Africa, a leading distributor of specialty chemicals and additives components, has announced that it has signed an agreement to acquire all shares in CPS Chemical Oil-Tech, which operates in the field of mineral oils and lubricant additives. Founded in 1993 and headquartered in Durban, South Africa, CPS Oil-Tech is an asset-light specialty chemicals distributor serving primarily the mineral oils and fuel markets. With 8 employees, CPS Oil-Tech generated approximately ZAR 228 million (approximately EUR 12 million) in revenue in the financial year ended 28 February 2022. The company represents leading global suppliers and serves a broad customer base with an extensive product portfolio as well as commercial and technical support. Ryan Harrison, General Manager of IMCD South Africa, stated: "Joining forces with CPS Oil-Tech will enable IMCD South Africa to offer more products to its customers through the valuable strategic principles that CPS Oil-Tech already represents. Additionally, the business unit will be further strengthened through the increased expertise and technical knowledge of personnel as a result of this merger, which supports our ongoing efforts and objectives for further expansion in the sub-Saharan Africa region." Raj Singh, General Manager of CPS Oil-Tech, said: "We are very pleased to be part of IMCD and the company's growth strategy. Our current management and business model will continue to support our valued business partners by offering new solutions and services. We look forward to leveraging IMCD's extensive capabilities and global network and creating new business opportunities." Completion of the acquisition is subject to customary closing conditions and regulatory approval and is expected to take place in the second quarter of 2023.