Astorg sells iGM Resins to China's Jiuri-led consortium
What's the deal? Private equity firm AstorgDealroom has a profile for this one. Try Dealroom → has agreed to sell iGM ResinsDealroom has a profile for this one. Try Dealroom → to Tianjin Guangyao Technology, a consortium led by China's Tianjin Jiuri New MaterialsDealroom has a profile for this one. Try Dealroom →. Financial terms were not disclosed, and completion is expected in the first quarter of 2027, subject to regulatory approvals.
Who's involved? iGM Resins develops and manufactures photoinitiators, oligomers, monomers and additives for the global energy-curing industry, with facilities in Europe and Asia. Jiuri, founded in 1998 and listed on the Shanghai Stock Exchange's STAR Market, produces photoinitiators and other UV-curable materials, plus photosensitive materials for semiconductors and displays.
What's the endgame? The two companies aim to build a global energy-curing platform. iGM brings international customer relationships and technical expertise; Jiuri adds photoinitiator manufacturing and a stronger China footprint.
Why now? Demand is growing beyond coatings, inks and adhesives into electronics, optics, 3D printing and advanced manufacturing. A Jiuri-affiliated project for photo-curing materials and photoresist intermediates began entering production in July 2026, underscoring China's expanding role in supply for electronics applications.
Nicolas Marien and Paul Arhanchiague of Astorg called the combination "a compelling next chapter for the business," citing complementary expertise across the global energy-curing market.
The signal: The deal reflects a specialty chemicals sector increasingly centred on China, where European producers face pressure from costs, weak demand and growing Chinese capacity. Until completion, iGM Resins and Jiuri will operate as separate companies.
Read more: privateequityinternational.com
Image credit: Generated with Gemini