Tianjin Jiuri New Materials and six co-investors have agreed to buy IGM Resins, a global photoinitiator producer controlled by private equity firm Astorg, for a nominal €1 alongside a €251m debt settlement, the Shanghai-listed company said on 10 November 2026.
Why Tianjin Jiuri New Materials and co-investors (via Guangju Technology) is buying IGM Resins (Ignition New Midco B.V.)
Jiuri, itself a photoinitiator maker, said IGM has the industry's broadest product range and intellectual property after acquiring Beijing Yingli, Lamberti's photoinitiator business and BASF's photoinitiator business.
Deal terms and financing
Jiuri and the co-investors will raise Guangju Technology's capital by RMB799.9m, leaving Jiuri with 43.75%. A Hong Kong subsidiary will pay Ignition Topco €1 for IGM's shares and inject €225m; together with €26m of deferred consideration, the €251m will repay lenders, who will waive about €202m of remaining debt and interest. IGM reported negative net assets of about €212m at the end of 2025.
Regulatory approvals and timing
The deal requires approval from Jiuri's shareholders, Chinese outbound investment filings or approvals and foreign direct investment reviews in the target's jurisdictions.
Market context
IGM's debt dates largely from Astorg's 2018 buyout from Arsenal Capital Partners; a later financial restructuring led to a goodwill impairment of about €247m.
