Houlihan Lokey Advises Aspirant Group Inc.

Houlihan Lokey is pleased to announce that Aspirant Group Inc. (Aspirant) has sold its portfolio company, DIPSOL CHEMICALS Co., Ltd. (Dipsol), to Quaker Chemical Corp. (Quaker Houghton). The transaction closed on April 1, 2025.

Dipsol specializes in developing, manufacturing, and distributing metal surface treatment chemicals, with a focus on plating chemicals for automotive parts, as well as for the electronics, heavy machinery, and aerospace industries. As a trusted supplier to Tier 1 and Tier 2 suppliers to major Japanese automakers, Dipsol has established a leading market presence. With 17 locations in nine countries, Dipsol has built a strong global footprint, delivering seamless manufacturing and sales support worldwide.

Since 2020, Aspirant, a leading Japanese private equity fund manager, has invested in Dipsol to support the owner’s business succession and drive the company’s next stage of growth. Since then, Aspirant has spearheaded infrastructure enhancements, strengthening Dipsol’s position as Japan’s leading plating chemicals manufacturer while expanding its presence in global markets.

With operations in more than 25 countries, Quaker Houghton is the global leader in industrial process fluids, offering cutting-edge solutions for metalworking, corrosion protection, and surface treatment across diverse industries. Its customers include thousands of the world’s most advanced and specialized steel, aluminum, automotive, aerospace, offshore, container, mining, and metalworking companies.

This strategic move marks a significant step as Quaker Houghton expands its portfolio to include the manufacturing of plating chemicals, solidifying its position as a comprehensive provider of metal surface treatment solutions. Quaker Houghton will leverage its expanded global scale, expertise, and diverse portfolio to drive growth and deliver top-tier solutions to its global customers across industries.

Houlihan Lokey served as the exclusive financial advisor to Aspirant, leveraging its deep expertise in the chemical sector and exceptional execution capabilities for the global auction process.

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