27th October 2020
DSW Aberdeen plays key role in MBI of ‘green’ chemicals company
FIS Chemicals, the Aberdeen-based company which is a leading supplier of specialist chemicals to the energy and offshore industries, has undergone a multi-million management buy-in.
The deal was initiated by Dow Schofield Watts Aberdeen which also advised the vendor Tom Cummings. It was backed by private equity firms Foresight Group LLP and Maven Capital Partners LLP, which each invested £2m alongside investment from the buy-in team.
FIS manufactures a range of over 1,500 specialist chemicals for purposes such as cleaning, rust protection and water purification. The company is known for its high performance products and environmental credentials. It holds gold ratings from the Centre of Environment Fisheries and Aquaculture Science (CEFAS) and five ISO standards and is the only UK business of its type to be awarded the Carbon Trust Standard.
The buy-in team is led by Kenny Woods, who has extensive experience in the specialist chemicals sector. He is supported by Derek Mathieson who joins as Non-Executive Chairman and Gordon Davidson as Finance Director. The investment from Foresight and Maven will also help the company build the team, expand into new geographies and further enhance its green credentials.
FIS was founded in 1980 as Fraser Ingham Shand Chemicals. Tom Cummings, a chartered chemist, joined the business soon afterwards and has been Managing Director since 1986.
Tom Faichnie of Dow Schofield Watts Aberdeen provided corporate finance advice to Mr Cummings, and also introduced Foresight to the company and to the new CEO and FD. Tom said: “FIS Chemicals is a successful, well established company with huge potential for growth in the UK and internationally. I am delighted to see it remain as an independent business under the leadership of an exceptional management team with the drive to take it to the next level.”
Kenny Woods, CEO of FIS Chemicals, added: “FIS has established on site renewable energy sources and exceptional environmental compliance in its mission to achieving net zero. It is an exciting time for the new management team and staff to drive the business forward in these challenging times. It is testament to Tom Cummings who has built a strong resilient business over the years and has created a strong platform for future growth.”