Acted as sell-side FA for the acquisition of Guangdong Tongde New Materials Co., Ltd. by DIC Corporation
2026-07-06 15:37:20
恺华资本
1
On 1 July 2022, DIC Investment Co., Ltd. (“DIC Investment”), the China headquarters of listed Japanese firm DIC Corporation, announced the completion of its acquisition of Guangdong Tongde New Materials Co., Ltd. (“Guangdong Tongde”), a Chinese manufacturer of coating resins.
Operating under the TOD brand, Guangdong Tongde holds a considerable market share in China’s coatings sector. It also boasts robust capabilities in product design and application technology for waterborne resins compliant with stringent environmental regulations, alongside large-scale production facilities. As the world’s largest supplier of printing inks, organic pigments and PPS compounds, DIC Corporation views this acquisition as a pivotal step to consolidate its market footprint in China.
KW Capital acted as the exclusive sell-side financial advisor for the transaction. Spanning a full five years from the start of negotiations all the way through to closing, this deal marks the longest service cycle for any cross-border M&A transaction handled by our firm. Over these five years, the transaction was beset by numerous unforeseen hurdles, including subjective divergences between the buyer and seller as well as external headwinds such as the pandemic. Standing firmly alongside our client throughout the journey, the KW Capital project team helped Guangdong Tongde navigate all obstacles and ultimately delivered a successful closing with an outcome satisfactory to both parties.