Astorg, a leading pan-European private equity firm, has signed an agreement to sell iGM Resins to a consortium led by Tianjin Guangyao Technology Co., Ltd. and Tianjin Jiuri New Materials. The transaction, announced on November 10, 2026, marks a strategic step to combine complementary expertise in energy-curing materials and photoinitiators, creating a global platform serving coatings, inks, adhesives, and advanced manufacturing sectors.
While the financial terms of the deal remain undisclosed, the transaction involves a full acquisition of iGM Resins, with completion expected in the first quarter of 2027, subject to customary regulatory approvals. Until then, both iGM Resins and the consortium will continue to operate independently, maintaining existing operations and customer relationships.
Founded in 1998, iGM Resins develops, manufactures, and supplies photoinitiators, energy-curing oligomers and monomers, additives, and technical services for the global energy-curing coatings, inks, and advanced materials market. The company operates manufacturing facilities in Europe and Asia, supported by technical laboratories that provide application expertise and product development support.
The buyer consortium is led by Tianjin Guangyao Technology and Tianjin Jiuri New Materials, both headquartered in Tianjin, China. Jiuri, listed on the Shanghai Stock Exchange’s STAR Market, specializes in photoinitiators and UV-curable materials for coatings, inks, adhesives, 3D printing, composites, and semiconductor applications. Guangyao contributes chemicals manufacturing and process development capabilities, enhancing the combined entity’s technological and production strengths.
The strategic rationale behind the deal centers on creating a comprehensive energy-curing solutions platform that leverages the combined companies’ complementary technologies and geographic footprints. This integration aims to support customers’ formulation and product development needs across Europe, Asia, and China, while expanding into emerging applications such as electronics, optics, and 3D printing.
Boudewijn Morelissen, CEO of iGM Resins, emphasizes the company’s commitment to customer partnership and innovation. Astorg’s Nicolas Marien and Paul Arhanchiague highlight the value of the partnership and the promising future enabled by the combination with the Jiuri-led consortium.
Market trends indicate increasing demand for advanced materials that meet evolving sustainability and performance requirements. The combined entity plans to integrate materials development, application testing, and manufacturing to accelerate product development cycles and enhance regulatory compliance.
Financial details such as deal value and multiples were not disclosed. Astorg, with over €24 billion in assets under management, has a strong track record in healthcare, technology, and business services investments, focusing on premium international B2B businesses.
Looking ahead, the integration will focus on aligning R&D efforts, streamlining manufacturing operations across Europe and Asia, and optimizing supply chains. The companies anticipate challenges related to cultural integration and regulatory compliance but expect to realize significant synergies through expanded product offerings and geographic reach.
Completion of the transaction is anticipated by March 2027, pending regulatory approvals. The combined platform is positioned to strengthen its competitive stance in the global energy-curing market, offering enhanced innovation and customer service capabilities.
