Via Chem Group
Via Chem Group was a Czech holding company that built a position in the chemical sector through investments in Spolchemie, selected SETUZA assets, and the Slovak chemical producer Novácke chemické závody.
Last updated August 26, 2026
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Overview
Via Chem Group, a.s., commonly abbreviated VCG, was a Czech holding company associated with the chemical industry. It was owned by Euro Capital Alliance, an entity registered in the British Virgin Islands. Rather than operating primarily as a consumer-facing product brand, Via Chem Group functioned as an investment and asset-owning vehicle whose activities centered on acquiring stakes in industrial chemical and related businesses. The company's most important early investment was in Spolek pro chemickou a hutní výrobu, generally known as Spolchemie, a major Czech producer of chlorine and other chemical products. Via Chem Group acquired an 8.8% interest in Spolchemie in 2003. It expanded that position in 2005 by purchasing an additional 39% of the company's shares, and by early 2006 had increased its holding to 62.6%. This sequence of transactions made Spolchemie the central industrial asset in Via Chem Group's portfolio and gave the holding company control or effective majority influence over a significant Czech chemical producer. In 2008, Via Chem Group broadened its portfolio beyond Spolchemie by acquiring selected assets of SETUZA, a Czech industrial company associated with food, oleochemical, and related manufacturing activities. The same year, the company obtained approval for a bond issue with a principal value of CZK 1.2 billion. The expansion increased the reported number of employees connected with the group to 1,442, reflecting the scale of the businesses and assets under its control rather than a conventional single-brand operating structure. Via Chem Group subsequently sold portions of the SETUZA assets. In 2009, part of the acquired assets was sold to Archer Daniels Midland, while another portion was sold to Glencore in 2011. These transactions reduced and reshaped the group's exposure to the former SETUZA operations while maintaining its broader role as an owner and consolidator of industrial assets. In 2012, Via Chem Group acquired the bankrupt Slovak chemical company Novácke chemické závody, also known as NCZ. Some NCZ assets were later leased to Energochemica. The acquisition extended Via Chem Group's industrial reach from the Czech Republic into Slovakia and reinforced its focus on chemical manufacturing and related infrastructure. The company's financing structure ultimately became unsustainable. Via Chem Group failed to repay its bonds when they matured on 1 October 2013. It was subsequently declared insolvent. The insolvency marked the end of the company's active development as a holding company and is the defining event in its later corporate history.
History
Via Chem Group was established as a Czech industrial holding company whose principal role was to acquire and manage stakes in chemical and related manufacturing businesses. The company was owned by Euro Capital Alliance, registered in the British Virgin Islands, and developed a portfolio through a combination of equity acquisitions, asset purchases, disposals, and debt financing. Its defining investment was Spolek pro chemickou a hutní výrobu, or Spolchemie, a major Czech chlorine producer. Via Chem Group first acquired an 8.8% stake in Spolchemie in 2003. In 2005 it bought an additional 39% of the shares, and by early 2006 its holding had risen to 62.6%. The investment gave Via Chem Group a dominant position in one of the Czech Republic's significant chemical manufacturers. The group diversified in 2008 by acquiring selected assets of SETUZA. This expansion was accompanied by approval for a bond issue worth CZK 1.2 billion, with repayment scheduled for 1 October 2013. The reported number of employees associated with the group rose to 1,442 after the expansion. Via Chem Group later disposed of parts of the SETUZA portfolio: Archer Daniels Midland acquired one portion in 2009, and Glencore acquired another in 2011. In 2012, the holding company acquired the bankrupt Slovak chemical producer Novácke chemické závody. The transaction expanded its activities into Slovakia and added another major industrial asset to its portfolio. Some NCZ assets were leased to Energochemica. The group was unable to meet its bond obligations on 1 October 2013. Following the payment failure, Via Chem Group was declared insolvent. Available reference material does not establish a later revival, rebranding, or successor operating brand, so the company is treated here as defunct.
- 2013
Bond default and insolvency
[1]The company failed to repay bonds due on 1 October and was declared insolvent.
- 2012
Acquisition of Novácke chemické závody
[1]Via Chem Group acquired the bankrupt Slovak chemical company Novácke chemické závody.
- 2011
SETUZA asset disposal to Glencore
[1]The group sold another portion of the SETUZA assets to Glencore.
- 2009
SETUZA asset disposal to Archer Daniels Midland
[1]Via Chem Group sold part of its acquired SETUZA assets to Archer Daniels Midland.
- 2008
SETUZA asset acquisition and bond approval
[1]The group acquired selected SETUZA assets and received approval for a CZK 1.2 billion bond issue.
- 2006
Majority position in Spolchemie
[1]Via Chem Group's Spolchemie holding reached 62.6% by early 2006.
- 2005
Expanded Spolchemie stake
[1]The group purchased an additional 39% of Spolchemie shares.
- 2003
Initial Spolchemie investment
[1]Via Chem Group acquired an 8.8% stake in Spolchemie, beginning its major chemical-sector investment.
Products and positioning
An industrial holding company focused on acquiring, restructuring, financing, and disposing of chemical and related manufacturing assets in Central Europe.
Product categories. Industrial chemical investments · Chemical manufacturing assets · Industrial and manufacturing holdings
Brand decisions
2013
Failure to repay bondsOtherBackground
The company's CZK 1.2 billion bond issue reached its stated maturity date.
Action taken
Via Chem Group failed to pay the bonds due on 1 October 2013.
Aftermath
The company was declared insolvent and ceased to operate as an active holding company.
Bond principal. CZK 1.2 billion bond issue (Approved in 2008; due 1 October 2013)
2012
Acquire Novácke chemické závodyM&ABackground
The group expanded into Slovakia by pursuing the assets of a bankrupt chemical producer.
Action taken
Via Chem Group acquired Novácke chemické závody.
Aftermath
Some NCZ assets were leased to Energochemica.
2008
Acquire selected SETUZA assetsM&ABackground
Via Chem Group sought to diversify its industrial portfolio beyond its Spolchemie investment.
Action taken
The company acquired selected assets of SETUZA.
Aftermath
Parts of the acquired assets were later sold to Archer Daniels Midland and Glencore.
Bond issue principal. CZK 1.2 billion (2008 approval; bonds due 1 October 2013)
2005
Increase ownership of SpolchemieM&ABackground
After its initial investment, Via Chem Group pursued a substantially larger position in the Czech chemical producer.
Action taken
The group acquired a further 39% of Spolchemie's shares.
Aftermath
The expanded holding was followed by a majority position of 62.6% by early 2006.
2003
Acquire an initial Spolchemie stakeM&ABackground
Via Chem Group began building its chemical-sector portfolio through an 8.8% investment in Spolchemie.
Action taken
The company acquired 8.8% of Spolchemie's shares.
Aftermath
The transaction established Spolchemie as the group's central industrial investment.
Recent events
- 2013
Via Chem Group defaults on bonds and enters insolvency[1]
Bankruptcy
The group failed to repay bonds due on 1 October 2013 and was declared insolvent.
- 2012
Via Chem Group acquires bankrupt Novácke chemické závody[1]
M&A · Bankruptcy
Via Chem Group acquired the bankrupt Slovak chemical company Novácke chemické závody. Some of the acquired assets were subsequently leased to Energochemica.
- 2011
Via Chem Group sells additional SETUZA assets to Glencore[1]
M&A
Another portion of the former SETUZA assets was sold to Glencore.
- 2009
Via Chem Group sells part of its SETUZA assets to Archer Daniels Midland[1]
M&A
The group sold part of the SETUZA assets acquired the previous year to Archer Daniels Midland.
- 2008
Via Chem Group acquires selected SETUZA assets[1]
M&A · Other
Via Chem Group expanded beyond Spolchemie by acquiring selected assets of SETUZA. The company also received approval for a CZK 1.2 billion bond issue.
- 2006
Via Chem Group reaches a majority position in Spolchemie[1]
M&A
By early 2006, Via Chem Group had increased its stake in Spolchemie to 62.6%.
- 2005
Via Chem Group increases its Spolchemie holding[1]
M&A
The company acquired a further 39% of Spolchemie's shares, substantially expanding its influence over the chemical producer.
- 2003
Via Chem Group acquires an initial stake in Spolchemie[1]
M&A
Via Chem Group acquired an 8.8% interest in Czech chemical producer Spolchemie, beginning its principal industrial investment.
Sources1 sources
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