Bain Capital
PORTFOLIO

Scaling a European specialty chemicals distributor into a global, publicly listed market leader

IMCD logo color
imcdgroup.com
  • STATUS

    Former

  • YEAR

    2011

  • REGION

    Europe

  • BUSINESS

    Private Equity

  • VALUE CREATION METRICS
    >20

    acquisitions under Bain Capital’s ownership ownership1IMCD data from December 31, 2011, through December 31, 2014

    ~2X

    EBITDA under Bain Capital’s ownership ownership1IMCD data from December 31, 2011, through December 31, 2014

    +100%

    share price outperformance vs index ownership1IMCD data from December 31, 2011, through December 31, 2014

Origination

In 2010, Bain Capital identified IMCD as a leading European player in specialty chemicals distribution, operating in a market characterized by structural tailwinds and significant fragmentation. We saw an opportunity to leverage IMCD’s differentiated business model and help the company grow organically and pursue strategic consolidation.

Opportunity and investment

Our investment thesis was based on the conviction that IMCD was well-positioned to scale globally. We recognized the potential to transform the company from a regional European champion into a global leader in specialty chemicals distribution.

IMCD selected Bain Capital as its partner of choice because of our global reach and deep sector expertise. Our successful investment and IPO of Brenntag, a global chemicals distribution leader, underscored our track record in the space and enabled us to bring not only capital but also operational insights and a proven strategic growth playbook.

Value creation

During our ownership, IMCD executed an ambitious global expansion strategy that combined organic initiatives with targeted acquisitions. We supported IMCD through our proven B2B distribution playbook, driving commercial excellence, pricing optimization, and operational efficiency. Together, we completed 23 acquisitions across 16 countries, expanding IMCD’s footprint in the Americas and Asia and strengthening its presence in higher-growth end-markets.

These initiatives delivered transformative results: EBITDA nearly doubled, and operations expanded into over 40 countries with a workforce of over 1,700 professionals, reflecting the company’s strengthened position and reach.

Next Chapter

In 2014, Bain Capital successfully led IMCD’s IPO on the Amsterdam Stock Exchange (AMS: IMCD), marking a significant milestone that validated the company’s transformation and growth trajectory. By the time of our full exit in 2016, IMCD had established itself as a global market leader in specialty chemicals distribution.

As of 2025, IMCD has grown into a business generating approximately €5 billion in revenues and €0.5 billion in EBITDA, with its share price outperforming the relevant benchmark index by roughly 100% since IPO.

“Our investment in IMCD exemplifies Bain Capital’s ability to leverage deep industry expertise and global reach to help businesses scale and achieve global leadership. It is also testament to how we partner with management teams to build great businesses – IMCD today is a highly successful listed company, widely recognized as a global leader and benchmark in its sector.”
Michael Siefke / Partner / Bain Capital
Michael Siefke / Partner / Bain Capital
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