Sale of chemical manufacturer to Turkish mining business

We have advised GIL Investments on the sale of ICoNiChem to shareholders of Eti Bakir.

ICoNiChem manufactures inorganic cobalt and nickel chemicals from its UK manufacturing facility in Widnes, Cheshire and supplies its products to customers around the world operating in a range of industries. 

They were first backed by GIL Investments in 2016 and since then have invested in and improved their processing capabilities. GIL Investments is a UK-based private investment firm which acquires controlling stakes in businesses and aims to support their growth over the long term. 

ICoNiChem was acquired by the ultimate shareholders of Eti Bakir, one of Turkey’s largest mining companies. The deal will enable Eti Bakir to both mine and now process its cobalt for sale to end customers.

Andrew Cowan, who led on the deal, said “Having acted for GIL on their acquisition in 2016, we were delighted to be able to continue our relationship with this long-standing client and to advise them on their exit in this international sale.”