The chief executive of a chemical maker has bought the business after spending the past decade turning it into a £180 million turnover company.

Bob Ellis has taken control of Flintshire-based Warwick International in a bid to expand its operations by securing access to the future funds needed for organic and acquisitive growth.

The deal was agreed with US firm Sequa Corporation for £129 million and was closed after Ellis won the support of Close Brothers Private Equity.

The firm invested £55 million with the balance provided by four banks. The syndicate was led by Royal Bank of Scotland, which was joined in the deal by Lloyds TSB, Barclays and HSBC.

This is the latest of a series of investments made by Close Brothers in the chemical sector during the past decade, which have included Chance & Hunt, Aroma & Fine Chemicals, Minova and BWA Water Additives.

On completion, Close Brothers’ Mathew Hutchinson has joined Warwick’s board alongside Sandy Dobbie, who has been appointed non-executive chairman.

Warwick operates through two divisions: a laundry detergents-focused chemical manufacturer; and a network of niche chemical distributors across Europe and Asia.