 Wellman became a private company in December 1997, when bought by Alchemy Partners for £82 million, by setting up a nominal transitional consortium company called Newmall (an anagram of Wellman).In 2003 it formed a commercial alliance with Loos International, a German boiler maker.In August 2005, Alchemy split the company into two – Newmall, for the US subsidiaries and Really Newmall for the other subsidiaries; this became Wellman Group Ltd, owned by Kwikpower International, in the Kwikpower Wellman division.