hubergroup, a global leader in specialty chemicals and print solutions, has successfully closed its acquisition by a consortium comprising of MAVCO Investments, a private entity belonging to select members of the Murugappa family, and funds managed by Avenue Capital Group. The sale and purchase agreement, initially announced on November 12, 2024, has now received full regulatory approval across all markets in which hubergroup operates, with the transaction officially closing on 8 April 2025.
Vellayan Subbiah, director of MAVCO Investments, said, “We believe in hubergroup’s tremendous potential. By investing in innovation, infrastructure, and talent, we are launching its next growth phase – aligned with our vision as a long-term, multi-generational owner-operator.”
Pankaj Goel, head of partnerships Asia Pacific, and Rohit Santani, head of India for Avenue Capital Group, added, “We are excited to partner with MAVCO to unlock hubergroup’s potential in new and existing markets and deliver robust and profitable growth for years to come. MAVCO’s strategic vision and operational expertise combined with hubergroup’s growth potential fits well with our approach to back transformative businesses.”
The new ownership team extends its sincere gratitude to Britta Hübner, who has played a pivotal role in the company’s renewal and successful ownership transition as its chief transformation officer. Hübner, who joined hubergroup in 2021, will be leaving the company effective with closing but will stay engaged for the time being as an external advisor, ensuring continuity in strategic guidance.
Britta Hübner, outgoing chief transformation officer, said, “hubergroup’s transformation has been a real challenge, and I’m extremely proud that we managed it successfully. It has been a privilege to work with Taner Bicer, Premal Desai and Carsten Zölzer, my esteemed management colleagues, and such a dedicated and passionate team at hubergroup. The new ownership will enable hubergroup to launch a new chapter of success and growth, and I look forward to being part of this journey as an external advisor.”
Premal A Desai, previously Group CFO, will transition to the role of chief executive officer. He will guide all activities under the close oversight of MAVCO and Avenue Capital. A strengthened management board consisting of four further members reporting to CEO Premal
Desai will assume strategic and operational leadership of hubergroup under the new ownership. Taner Bicer, who has been with hubergroup for 11 years, will serve as chief commercial officer for Chemicals. Carsten Zölzer, with a hubergroup tenure of 21 years, will assume the role of chief commercial officer for Print Solutions. Arup Basu will join on 1 June 2025 as new chief operating officer based out of India. Basu brings a wealth of experience from the chemical and manufacturing sector. The management board will be completed by a new chief financial officer, who will join the team in the coming months. Premal A Desai will be acting CFO in the meantime – additionally to his role as CEO.
Premal Desai said, “As we celebrate hubergroup’s 260-year anniversary this year, the transaction marks the beginning of an ambitious new growth phase under our incoming owners. hubergroup will pursue its strategic growth ambition through its excellent competences in the specialty chemicals market and its established market leadership in print solutions. We extend our sincere gratitude to Britta Hübner and our trustee representatives Prof. DrMarkus Stadler and Dr. Florian Dausend for all their engagement and support. Most of all, we thank all our employees worldwide whose loyalty, dedication and hard work have laid the foundation for this exciting next chapter. This is living proof of our ‘ONE huber’ spirit of passion and excellence. Guided by this spirit we look forward into a promising future with MAVCO and Avenue Capital.”