Since its founding in Guatemala 31 years ago, GTM has grown organically to become one of only two chemical distribution companies with a fully Pan-American footprint. GTM provides chemical products and logistical services to more than 10,000 customers in a range of industries from personal care to oil exploration through its 40 locations in 12 countries from Mexico to Argentina and its supply offices in Houston and Beijing.
“There are tremendous growth opportunities for GTM in Latin America and beyond,” said Richard Kellogg, president of GTM’s Board of Directors. “Advent’s resources, industry and M&A experience will facilitate both GTM’s acquisition plan and its continuing organic growth. Our management has gotten to know the Advent team well, and I believe that the strong cultural fit between them will be a significant plus as GTM continues its path forward.”
“We are excited to begin working with the GTM team, as they are a leading company in the Latin American chemical industry with significant growth prospects,” added Mauricio Salgar, managing director in Advent’s Bogotá, Colombia office. “The chemical distribution market remains highly fragmented, especially in Latin America, and GTM’s size and geographic presence provide a strong platform to consolidate the industry, leveraging Advent’s M&A experience in the region.”
“Chemicals has been a core sector for Advent over the past 25 years, especially in Europe,” Patrice Etlin, managing partner in Advent’s São Paulo, Brazil, office said. “We recently started actively looking at the chemical industry in Latin America, and GTM is our first investment in the sector here. In Brazil, we are evaluating opportunities not only in chemical distribution but in all segments of the industry.”
There are no changes expected to the GTM management team or to the company’s existing operations as a result of this transaction.