SVP and Blantyre acquire OQ Chemicals, now OXEA

Strategic Value Partners (SVP) and Blantyre Capital have announced the acquisition of OQ Chemicals, a global leader in oxo chemicals, marking a new chapter for the company as it reverts to its former name, OXEA.

The acquisition was completed through funds managed by SVP, a global alternative investment firm with USD 22 billion in assets under management, and Blantyre, a London-based investment manager with more than EUR 2.7 billion (USD 3.07 billion) in long-term capital. Advisers on the deal included Kirkland & Ellis, Akin, and Lazard.

OXEA is a leading producer of oxo intermediates and performance chemicals used in the manufacture of essential products such as coatings, lubricants, plastics, pharmaceuticals, and cosmetics. With more than 1,200 employees and production facilities in Germany and the U.S. state of Texas, the company supplies more than 60 countries and plays a strategic role in key supply chains across sectors like automotive, construction, and electronics.

“OXEA’s leading market positions, global reach, and innovation capabilities provide a solid foundation for long-term growth,” said HJ Woltery, co-head of the European Investment Team at SVP. “We look forward to partnering with the OXEA team to build upon this strong foundation and continue delivering exceptional value to its customers and stakeholders across well-diversified markets.”

Mubashir Mukadam, chief investment officer at Blantyre Capital, echoed the sentiment: “OXEA’s significant expertise in oxo chemicals, combined with its global footprint, presents ample opportunities for growth. We look forward to supporting the company as it continues to expand its product offerings and enhance its strategic position in the industry.”

Oman Oil Company (OOC), a state-owned enterprise of the Government of Oman, acquired OXEA in 2013 from private equity firm Advent International.  OXEA was created in 2007 through the merger of European Oxo—a joint venture between Celanese and Degussa (now Evonik)—and selected business units of Celanese Chemicals. In 2019, OOC merged with other Omani energy companies to form OQ, an integrated energy company. Subsequently, in 2020, OXEA was rebranded as OQ Chemicals to reflect its integration into the new entity.