Polyventive Acquires Tri-Tex, Further Expanding its Specialty Chemicals Portfolio

Arsenal Capital Partners

December 13, 2021

Calhoun, GA- Polyventive LLC (“Polyventive”) has acquired the Surfactants and Dyes & Pigments businesses of Tri-TexCo Inc and Trichromatic-West, Inc (jointly, “Tri-Tex”) from SK Capital Partners.

Tri-Tex is a specialty manufacturer of surfactants, dyes, pigments, and water-based polymers used in Textile, Personal Care, Cleaning and Industrial applications. Tri-Tex backs their products with comprehensive technical, applications, supply chain and logistics expertise. Tri-Tex has manufacturing facilities in Quebec, Canada and Los Angeles, California.

“The addition of the Tri-Tex team, product portfolio, applications expertise, and manufacturing facilities advance Polyventive’s strategy to become the premier North American developer and supplier of cost effective, environmentally forward solutions in all of our targeted growth areas.” said Zay Risinger, President of Polyventive.

Concurrent with this transaction, Tri-Tex sold its adhesives business to Meridian Adhesives Group.

About Polyventive LLC
Polyventive is a leading North American manufacturer of specialty chemical solutions for the HI&I, Water Treatment, Personal Care, Construction, Soft Floor Covering, and Textile industries. Polyventive’s manufacturing, technical capabilities, applications expertise, and focus on solving customer problems has made it the first choice for industry leading solutions. With manufacturing and logistics facilities located in Northwest Georgia, USA, the company has best in industry service levels that underpin our commitment to meeting our customer’s needs.

Contact: info@polyventive.com

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AURELIUS Equity Opportunities sells UK fine chemical manufacturer Wychem to Ascensus Specialties

Aurelius Capital
  • Successful exit after becoming part of AURELIUS’ portfolio and repositioning of the company since 2016
  • Being part of AURELIUS’ chemical activities in the UK, Wychem today is a well-established company with a highly qualified team and a specialized product portfolio
  • Wychem will play a vital role In Ascensus’ European expansion
  • Further transactions expected in the coming weeks

Grünwald/London, December 13, 2021 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8) today announces the sale of Wychem Limited (“Wychem”) to Ascensus Specialties LLC (“Ascensus”), a U.S. based provider of specialty chemicals. The transaction resulted in a money-over-money multiple of 10.6x for AURELIUS.

Founded more than 50 years ago and becoming part of the AURELIUS portfolio in 2016, Wychem has been part of the AURELIUS’ chemical activities in the UK and became a leading independent manufacturer of fine chemicals for pharmaceuticals and specialty applications in the local market.

The company offers a comprehensive range of more than 1,000 aromatics which are highly valued by more than 50 global customers across different industries. A team of more than 25 experts and a “kilo lab to plant full scale” capability allow for short innovation cycles. Backed by a comprehensive repositioning including investments in site expansion and capacity improvements carried out by AURELIUS, Wychem is now in excellent shape generating a high margin and strong cash flow.

On the back of this strong position in the European market, Wychem will play a vital role in Ascensus’ Expansion. With foundations strongly rooted in chemistry and process, Wychem has been able to differentiate itself within the European market as a leader in process optimization without the cost burden of FDA regulation.

“Since being part of AURELIUS’ portfolio, we have supported Wychem in its positioning and expansion in its markets and saw a consistently positive development of the company. Latest growth initiatives put the company at the forefront of a new phase of growth in the industry,” said Matthias Täubl, CEO of AURELIUS Equity Opportunities SE & Co. KGaA. “I am pleased to see Wychem become an integral part of Ascensus’ strategic expansion into the European market. On the back of a very successful year for AURELIUS and with a solidly filled transaction pipeline, we are confident to execute further deals in the near future.”

“Wychem is a nimble, highly customer-centric organization with deep relationships across its global customer base of CDMO, pharmaceutical, and other specialty customers. The company’s consistent growth and reliable supply to customers throughout the COVID-19 pandemic reflects its excellent reputation for service and quality. Wychem is an exciting addition to Ascensus and aligns with our commitment to servicing the pharmaceutical space”, said Mike Huff, Chief Executive Officer of Ascensus.

AURELIUS was advised on the transaction by Opus Corporate Finance LLP (Financial) and DWF LLP (Legal).

A telephone conference with the AURELIUS Management Team will be held at 2pm CET on Monday, December 13, 2021 in English for interested investors and journalists. Please send an email to investor@aureliusinvest.de to register.

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Aurora Capital-Backed Inhance Technologies Acquires Advance Research Chemicals

Aurora Capital

Houston, TX – December 14, 2021 – Inhance Technologies, LLC (“Inhance Technologies” or “Company”), a leading international provider of sustainable polymer material science solutions and portfolio company of Aurora Capital Partners (“Aurora”), today announced it has completed the acquisition of Advance Research Chemicals, Inc. (“ARC”), a world-class producer of specialty chemicals and materials used in a wide range of high-value applications. Terms of the transaction were not disclosed.

With production facilities in the United States and Mexico, ARC supports many of the world’s largest and most innovative companies with its customized solutions, including a large and growing library of high-purity products underpinned by proprietary processes developed over more than 30 years.  ARC’s unique ability to offer R&D, pilot, and commercial scale production allows the company to provide turnkey, tailored solutions for each of its customers. Serving mission-critical needs across a wide array of industries, including medical batteries, semiconductors, 3D printing, and pharmaceuticals, ARC has established itself as a reliable and innovative resource in the field of specialty chemicals and materials.

“ARC is a pioneer in their markets, and their highly complementary suite of solutions will add to our existing offerings as well as expand our geographic and industry reach,” said Andrew Thompson, President and Chief Executive Officer of Inhance Technologies. “Together, we will be a global leader in sustainable specialty chemicals and materials technologies with unmatched R&D capabilities, technical knowhow, and geographic breadth. I look forward to working with the ARC team to continue innovating and using our combined technologies as a means to achieve a greener, more sustainable future.”

“This transaction combines two true industry leaders, uniquely positioning the combined company to capitalize on its existing technologies and deliver a broader suite of innovative solutions to its customers around the globe,” said Dr. Dayal Meshri, Founder and former Executive Chairman of ARC. “Inhance Technologies has established a well-deserved reputation as a trusted provider of sustainable material science solutions and is the right partner for ARC to accelerate adoption of its technologies to better serve its many market-leading customers.”

“When we partnered with Inhance Technologies, we saw a unique opportunity to expand the application set for their proprietary technologies and develop new solutions for a broader range of industries.  This transaction is a transformational step in realizing that opportunity,” said Randy Moser, Partner at Aurora.  “Leveraging the world-class capabilities of each company will spur even more technological advancements, durably accelerating Inhance Technologies’ growth.”

This is the second add-on acquisition that Inhance Technologies has made since the Company partnered with Aurora in 2018. During that time, Inhance Technologies has made significant investments to support its growth, including the opening of a new headquarters and Global Science and Technology Center in Houston, significantly expanding its facility in St. Louis, and developing multiple new, innovative technologies.

Robert W. Baird & Co. served as financial advisor and Gibson Dunn & Crutcher LLP served as legal advisor to Inhance Technologies.

About Inhance Technologies
Inhance Technologies is a global leading provider of polymer material science solutions. For more than 40 years, Inhance Technologies has been developing innovative technologies and solutions that enable new levels of product performance, while reducing environmental impact. With operations in the Americas, Australia and Europe, Inhance Technologies is transforming specialty plastics and chemicals on a global scale and in a wide range of industries, from consumer products to healthcare, industrial applications to agriculture. More information can be found at www.inhancetechnologies.com.

About Advance Research Chemicals
ARC is a world-class specialty chemicals and materials supplier, offering high-purity, tailored solutions, utilizing production facilities in the United States and Mexico. Many of the world’s largest companies partner with ARC to develop performance-critical chemicals and materials that enable some of the world’s most innovative products. ARC also provides private label manufacturing for the institutional and consumer hygiene markets. ARC serves a wide array of industries, including medical batteries, semiconductors, 3D printing, pharmaceuticals, automotive, textiles, and consumer packaged goods.

About Aurora Capital Partners
Aurora is a leading private equity firm focused principally on control investments in middle-market companies with leading market positions, stable industry dynamics, attractive business model characteristics and actionable opportunities for growth in partnership with management. Aurora provides unique resources to its portfolio companies through its Strategy & Operations Program and its team of experienced operating advisors. Aurora’s investors include leading public and corporate pension funds, endowments and foundations active in private equity investing. For more information about Aurora, visit: www.auroracap.com.

Media Contacts

Inhance Technologies
Momotaz Rahman
Marketing Director
mrahman@inhancetechnologies.com

Aurora
Taylor Ingraham / Fred Schweinfurth
ASC Advisors
tingraham@ascadvisors.com / fschweinfurth@ascadvisors.com

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Advent International acquires leading specialty chemicals solutions provider Caldic from Goldman Sachs Asset Management

Advent International
  • Caldic to join forces with GTM, creating a global market leader in specialty chemicals distribution that will operate under the Caldic brand
  • Extending global reach, the combination will accelerate growth prospects with investment in employees, technology and sites
  • Advent to add significant expertise in chemicals, resources and capital

Frankfurt, 22nd November 2021 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced that it has reached conditional agreement with Goldman Sachs Asset Management to acquire Caldic BV (“Caldic”), a global premium provider of value-added life sciences and specialty chemicals solutions with the ambition to be a true partner to its customers and principals. Caldic will then merge with Advent portfolio company Grupo Transmerquim S.A. (GTM), one of the leading chemical distributors in Latin America.

Caldic’s product portfolio includes innovative food ingredients, natural products and functional solutions for a variety of life sciences and industrial end-market segments. With a leading presence in Europe, North America and Asia-Pacific, Caldic employs around 1,200 people across 35 locations. The business generated sales of about €1 billion in 2020.

Ronald Ayles, Managing Partner and Global Head of Chemicals at Advent International added, “For the chemical and distribution industry, this is a time of great change, reorganization and consolidation – and for us as a committed private equity buyer, one of great opportunity. As with all our investments, we pursue a long-term growth approach and intend to support Caldic throughout its next phase of growth. We see great prospects in the combination with GTM, nearly doubling the size of the New Caldic from the start and we look forward to working in close cooperation with the highly qualified employees and management team to firmly establish the combination as a global growth platform.”

“Caldic has a well-established market position and very attractive growth opportunities. Its strengths lie in its global network combined with local expertise, giving the flexibility to meet customer-specific requirements. Combining this business with GTM, the leader in chemicals in the Latin-American market, will create a truly global industry leader,” said Patrice Etlin, Managing Partner at Advent International in Latin America.

With over 30 investments, Advent is one of the most experienced investors in the global chemical industry. The firm invests in well positioned companies with significant operational and strategic potential. Together with the management teams of its portfolio companies, as well as its strong global network of sector teams, external industry experts and operational partners, Advent seeks to create sustainable value by driving revenue and earnings growth.

In 2014, the firm acquired GTM, the second-largest chemical distributor in Latin America. Over its 35-year history, GTM has grown to become one of only two chemical distribution companies with a full Latin-American footprint. Under Advent’s ownership, the combination will have the opportunity to continue its growth and further accelerate it, both organically as well as through acquisitions.

Leveraging this expertise, Advent plans to support the management team in its efforts to establish the combination as a strong global platform. Advent’s strategy for the business centers on substantially investing in its employees, technology and sites. Additionally, Advent sees further growth potential through expansion and investment to strengthen the company’s already well-established market position.

The transaction is expected to close in the first half of 2022, subject to customary conditions and regulatory approvals. Terms of the agreement were not disclosed.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 380 private equity investments across 42 countries, and as of June 30, 2021, had €68 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 245 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology.

Advent has invested in over 30 companies in the chemicals industry over recent years. Examples include Röhm, one of the global market leaders in methacrylate chemicals, allnex, a global leader in resins for the paints and coatings industry, and Oxea, a leading supplier of oxo alcohols and oxo derivatives. In addition, Advent has invested in companies including VIAKEM, a leading manufacturer of fine chemicals, and GTM, a transnational distributor of chemical raw materials in Latin America.

After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit:
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

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Arxada and Troy to Combine, Creating a Global, Comprehensive and Innovative Offering in Microbial Control

Cinven

The combination will broaden the Company’s sales support, technical development and manufacturing footprint, with complementary capabilities in North and South America, Europe, Asia and Oceania.

Technology synergies will accelerate innovation and technical solutions for customers.

Basel, Switzerland and Florham Park, NJ USA – November 3, 2021 –   Arxada, a global specialty chemicals business, and Troy Corporation, a global leader in microbial control solutions and performance additives, today announce that they have entered into an agreement to combine the two companies.

This agreement represents the first strategic deal by Arxada, formerly known as Lonza Specialty Ingredients or LSI and owned by private equity funds Bain Capital and Cinven, since the purchase from Lonza Group AG in July 2021. As part of the deal structure, Troy’s owners will invest in the combined company.

The partnership is a logical next step in Arxada’s strategy to strengthen its offering and enhance the capabilities of its Microbial Control Solutions (‘MCS’) business. Troy is a global leader in the field of industrial preservation with broad expertise in paints and coatings, wood protection and preservation, home and personal care, plastics and textiles, energy and metal working fluids. The combination will create a comprehensive and innovative offering in microbial control, enabling the delivery of new solutions and value-added services to customers.

Arxada will benefit from Troy’s technical expertise, trusted customer relationships, and broad portfolio of performance products as well as a long history of innovation, including the invention of 3-iodo propynyl butyl carbamate (IPBC), which Arxada does not currently manufacture. In addition, the proposed transaction will enhance Arxada’s commercial presence across the globe and add several production sites in important locations including Newark, NJ, USA; Horhausen, Germany; Moerdijk, Netherlands and Kabinburi, Thailand. This extensive manufacturing footprint will allow the combined entity to better serve customer needs and strengthen its position as a trusted partner of choice in microbial control.

Commenting on the combination, Marc Doyle, Chief Executive Officer of Arxada, said:

“The combination of Arxada and Troy will reinforce our position as a leading global provider of microbial control solutions. Our decision to merge with Troy just four months after our launch as an independent company highlights our ambition and commitment to creating the broadest and most innovative solutions for our customers in this sector.

“The combination also fits with our strategy of expanding our geographic footprint and the scale and depth of our capabilities by bolstering our manufacturing capacity in MCS beyond North America into Europe and Asia.

“We look forward to welcoming our new colleagues at Troy so that, together, we can build on our combined expertise in microbial control to deliver innovative, sustainable solutions for all of our customers. We remain committed to working closely with our customers to make sure we continue to meet their needs and ensure a smooth transition once the deal is complete.”

Daryl D. Smith, Chairman, President, & Chief Executive Officer of Troy, commented:

“For over 50 years Troy has developed and manufactured preservatives and additives for various industries, enabling our customers to produce high performing, cost-effective and sustainable products. The combination of Troy’s strength in architectural coatings and industrial preservation, leadership in IPBC technology and broad range of performance additives perfectly complements Arxada’s strengths in wet state preservation. The joining of the companies will deliver significant added value to our customers going forward.”

Kirkland & Ellis is acting as legal adviser, and The Valence Group of Piper Sandler as financial advisor to Arxada and its owners Bain Capital and Cinven. Norton Rose Fulbright US LLP is acting as legal adviser, and JP Morgan Chase is acting as financial adviser to Troy Corporation.

The Parties will work to close the transaction as soon as possible, subject to obtaining customary approvals. Financial details of the deal have not been disclosed.

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Advent International to acquire controlling stake in ZCL Chemicals Limited

Advent International
  • Investment will further strengthen Advent’s presence in the pharmaceuticals and API sub-sector.
  • Transaction is Advent’s fourth investment in India over the past twelve months.

MUMBAI, INDIA, February 08, 2021 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced that it has signed a definitive agreement to acquire a majority stake in ZCL Chemicals Limited (“ZCL”), one the fastest growing pharmaceutical companies in India. The business was formerly known as Zandu Chemicals Ltd.

With this transaction, Morgan Stanley Private Equity Asia (MSPEA), a private equity platform that previously managed a minority investment in ZCL, will exit their investment.

ZCL is one of the fastest growing manufacturers of specialty active pharmaceutical ingredients (APIs) and advanced intermediates. ZCL’s highly specialised approach focuses on niche therapeutic areas, underpinned by complex chemistry, supported by a state-of-the-art U.S. Food and Drug Administration (FDA) approved facility, along with strong research & development capabilities. The company has delivered impressive growth over the past few years, has leading market positions in its existing products, and is developing a strong pipeline of high potential products that is expected to drive the next phase of its growth.

“ZCL will be our third pharmaceuticals investment in India and the second in the API space. ZCL is a high-growth business, led by a capable management team, which will further fortify our presence in the API market, a key sub-sector focus of ours,” said Shweta Jalan, a Managing Director and Head of India at Advent International, India.

Over the last 12 months, Advent has committed over $1.2 billion globally across the healthcare sector. The firm has also committed over $600 million in four Indian businesses over the same period in varied sectors such as healthcare, consumer, and financial services amongst others.

“We are impressed with ZCL’s differentiated product portfolio, strong pipeline and its high focus on quality and compliance. The acquisition of ZCL helps us get closer to our goal of creating a top five merchant API platform in India,” said Pankaj Patwari, Director, Advent International India.

“We are very pleased with this transaction and excited to partner with Advent. In the last 12 years we have established ZCL as one of the leading pure-play API companies in the country, and today marks an important milestone in these efforts. We are very excited for the future of ZCL, and strongly believe Advent’s global expertise in the pharmaceutical space, combined with ZCL’s strong capabilities in manufacturing and R&D and a culture of customer centricity, will ensure that we keep up our tradition of delivering immense customer value,” said Nihar Parikh, Executive Director of ZCL Chemicals Ltd.

“ZCL was one of MSPEA’s first investments in the Healthcare and Life Sciences sector in India, and we are happy with the progress the company has made in the last 4 years. Today, it is well positioned to embark on the next phase of growth, with a strong product portfolio and focus on quality standards”, said Nirav Mehta, Managing Director and Co-Head of Morgan Stanley Private Equity India.

Advent has been investing in India since 2007. In this time, it has deployed over $1.7 billion in 12 companies with headquarters or operations in the country. In addition to ZCL, new investments in last 12 months include RA Chem Ltd, a vertically integrated pharmaceutical company; Bharat Serums and Vaccines (BSV), a biopharmaceutical leader in women’s health and critical care; and Aditya Birla Capital, the holding company of the financial services businesses of Aditya Birla Group (ABG), an Indian multinational conglomerate.

Advent has significant experience in the healthcare industry globally. In the past 30 years, the firm has invested or committed over $9.6 billion in 48 companies in the sector, including over 20 businesses involved in pharmaceutical R&D, production, and distribution. Recent pharmaceutical transactions include RA Chem Ltd, Bharat Serums and Vaccines, Sundia, Zentiva’s acquisition of Alvogen’s Central and Eastern European generics business, BioDuro, Industria Chimica Emiliana, Somar, Syneos Health and Zentiva.

The transaction will be subject to customary closing conditions.

ZCL Chemicals was advised by Jefferies (Sole Financial Advisor), Bombay Law Chambers (Legal Counsel) and Deloitte (Finance and Tax).

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 350 private equity transactions in 41 countries, and as of September 30, 2020, had $66.2 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 200 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit:

Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

About ZCL Chemicals Limited

ZCL (formerly Zandu Chemicals Ltd.) is one of the fastest growing Pharmaceutical companies in India. Established in 1991, ZCL is headquartered in Mumbai and has a state-of-the-art US FDA successfully inspected facility with a capacity of 214 KL along with strong research & development capabilities strategically located in the industrial park of Ankleshwar, Gujarat.

For more information, visit:
www.zclchemicals.com

Media contacts

Advent International

India:
Girish Dikey
Ketchum Sampark
Tel: +91 98922 00260
girish.dikey@ketchumsampark.com

USA:
Andrew Johnson or Anna Epstein
Finsbury
Tel: +1 646 805 2000
Adventinternational-US@finsbury.com

UK:
Graeme Wilson or Harry Cameron
Tulchan
Tel: +44 (0)20 7353 4200
Advent@tulchangroup.com

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Ardian acquires 50% ownership stake in Angus Chemical Company

Ardian

  • 13 October 2020 Buyout New York, San Francisco & Buffalo Grove, USA

  • • Golden Gate will retain 50% ownership stake
    • Partnership positions ANGUS for accelerated global growth
  • New York, San Francisco & Buffalo Grove, Ill. – October 13, 2020 – Ardian, a world leading private investment house, today announced that it has acquired a 50-percent ownership stake in ANGUS Chemical Company (“ANGUS” or the “Company”) from Golden Gate Capital at a total enterprise value of approximately $2.25 billion. Golden Gate Capital, which initially acquired ANGUS in February 2015 from The Dow Chemical Company, will retain a 50-percent stake in ANGUS. Additional terms of the transaction were not disclosed.

Founded in 1935, ANGUS is the world’s only company dedicated to the manufacture and distribution of nitroalkanes and their derivatives. Through its proprietary technology, the Company produces a unique portfolio of specialty additives and high-performance intermediates, which help customers deliver enhanced product and process performance across a wide range of applications in life sciences, personal care and high-growth industrial markets. In addition, ANGUS’ solutions are widely used in applications to help combat the spread of COVID-19, including high-alcohol hand sanitizer gels, diagnostic kits, antibody treatments and vaccines.

Over the last five years, Golden Gate Capital has meaningfully grown the business while repositioning it to focus on premium consumer applications. Ardian and Golden Gate Capital will partner with ANGUS President and CEO David Neuberger and the Company’s current senior management team to grow the business through continued focus on and investment in core markets supplemented by development of application adjacencies and of new-to-world molecules.

Thibault Basquin, Head of Americas Investments at Ardian Buyout stated, “Management and Golden Gate Capital have built an impressive Company and we are delighted to partner with them on this next phase of growth. ANGUS plays a critical role in the life sciences and personal care value chains, and its products have supported dozens of essential businesses over the last few months. With Ardian’s global reach and together with Golden Gate Capital, we plan to accelerate the Company’s growth and provide ANGUS’ customers with a compelling range of products. We have deep expertise and an extensive network in the sectors served by ANGUS, and we intend to support the Company in the implementation of a global buy & build strategy, similar to our approach with other successful investments.”

Dave Thomas, a Managing Director at Golden Gate Capital, said, “We have enjoyed a highly successful partnership with David Neuberger and the entire ANGUS team over the past five years. Since our initial investment, ANGUS has driven exceptional growth and strengthened its global business through significant investments in the Company’s life sciences and personal care business segments, including major capacity expansions and the buildout of innovation and sales capabilities. These investments have enabled ANGUS’ transformation into a high-growth organization. With this strong foundation in place, we look forward to supporting ANGUS’ continued growth alongside Ardian.”

David Neuberger, President of ANGUS, said, “Ardian’s interest in ANGUS is a testament to our resilience, consistent growth, talented team and the extraordinary value of our current product portfolio and R&D pipeline. Likewise, Golden Gate Capital’s continued ownership in ANGUS is a testament to their belief in our future prospects. Over the course of our five-year relationship, we established ANGUS as an independent company; transformed our business into a stable, consumer-focused organization; increased our capacity for key chemistries like TRIS AMINO™ tromethamine; and enabled our customers’ own growth plans. The management team is excited to have the combined support of Ardian and Golden Gate Capital. We are confident that they share our strategic vision as we accelerate the growth of our innovative, high-demand chemistries.”

Christopher Sand, Director at Ardian Buyout added, “Over the last five years, ANGUS has prospered.  ANGUS’ highly-regarded management team, unique product set, resilience, and growth prospects – both organic and via acquisition – makes it an ideal investment for Ardian, and we look forward to partnering with Golden Gate Capital.”

The transaction is expected to close by the end of 2020.

With seven offices in Europe and America, Ardian’s global Buyout team acquires high-quality mid and large-cap companies across Western Europe and North America, applying transformational and multi-cultural buy-and-build strategies which enable portfolio companies to become global leaders in their respective sectors.

Citi and Guggenheim Securities LLC are serving as financial advisors to Ardian and Latham & Watkins is serving as the firm’s legal advisor.

Morgan Stanley & Co. LLC and JPMorgan Securities LLC are serving as financial advisors to Golden Gate Capital and Kirkland & Ellis LLP and Nob Hill Law Group, P.C. are serving as the firm’s legal advisors.

 

ABOUT ARDIAN

Ardian is one of the world’s leading private equity firms with $100 billion under management and/or advisory in Europe, America and Asia. The company, which is majority owned by its employees, has always placed entrepreneurship at the heart of its approach and offers its international investors top-tier performance. Through its commitment to sharing the value created with all stakeholders, Ardian participates in the growth of companies and economies around the world. Based on its values of excellence, loyalty and entrepreneurship, Ardian benefits from an international network of 700 employees in 15 offices in Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), North America (New York, San Francisco), South America (Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). The company manages the funds of 1,000 clients through its five investment pillars: Funds of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
Follow Ardian on Twitter @Ardian

 

ABOUT GOLDEN GATE CAPITAL

Golden Gate Capital is a San Francisco-based private equity investment firm with over $17 billion of committed capital. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. Notable investments sponsored by Golden Gate Capital include U.S. Silica, EP Minerals, Cole-Parmer and Vantage Elevator Solutions.

ABOUT ANGUS CHEMICAL COMPANY

ANGUS is a leading global specialty and fine chemical company dedicated to the development of novel chemistries that deliver enhanced product and process performance across a wide range of applications in pharmaceuticals, biotechnology, paints and coatings, agriculture, personal care, metalworking fluids, electronics and other industrial markets. The company innovates through its unique nitroalkane chemistries, including its flagship AMP™ (aminomethyl propanol) multifunctional additives and TRIS AMINO™ tromethamine, which are produced at fully integrated, ISO 9001-certified manufacturing facilities in Sterlington, Louisiana, USA, and Ibbenbüren, Germany. ANGUS serves its global customers through six regional Customer Applications Centers located in Chicago, Illinois; Paris, France; São Paulo, Brazil; Singapore; Shanghai, China; and Mumbai, India. The company is headquartered in Buffalo Grove, Illinois.

Press contact

GOLDEN GATE CAPITAL – Sard Verbinnen & Co.

ANGUS CHEMICAL COMPANY

Scott Johnson

scjohnson@angus.com +1 847-808-3769

Ardian – The Neibart Group

Emma Murphy

emurphy@neibartgroup.com +1 347 968 6800

 

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Q Acquires TBL Performance Plastics

3I

SOLON, OH, October 2019 – Q announced today that it has entered into an agreement to acquire TBL Performance Plastics, Sparta, NJ, a leading manufacturer of single-use bio-process components and systems including fittings, tubing, single-use assemblies, and fabrication.

TBL represents a strategic acquisition for Q’s Biopharma Business, creating a flexible and multi-faceted biopharma component and single-use assembly manufacturer with North American and European production and distribution centers.

Together, Q and TBL will offer an in-depth suite of development and manufacturing services, material technologies, and industry expertise. The combined business will also offer complete product lifecycle management with cleanroom assembly and packaging services.

Thomas J. Hook, Chief Executive of Q, commented: “We are delighted to have reached this agreement to purchase TBL. The businesses are highly complementary and the acquisition represents a critical milestone in building Q’s Biopharma Business. It will significantly enhance the value we can deliver to our North American customer base.”

P. Robert DuPont Jr., CEO of TBL, added, “We are excited to be working with Q to build an industry-leading Single-Use Technology (“SUT”) business. Q’s operational excellence, synergistic capabilities, and silicone products are powerful resources. Combined with TBL’s portfolio of other non-metallic products and services for the biotech industry, our companies are strategically aligned as key players in the industry. The alignment will benefit our customers by providing them with a greater global network, product development, and manufacturing capabilities.”

Richard Relyea, Managing Director 3i North America, commented: “3i is pleased to support Q in this strategic acquisition of TBL. The combination further supports our commitment to expanding our offering in the biopharma market. We will continue to invest to further expand our capabilities, geographic footprint and differentiated products to better support our global customer base.”

About Q
Q provides world class engineered and elastomeric solutions for the global life sciences, automotive,
and industrial markets. With Centers of Excellence in North America, Mexico, Europe, the Middle East,
India and China, Q goes to market in the life sciences as Silicone Altimex and Q Medical Devices (Qure,
Degania, Biometrix, Arthesys) and in electrical management as Quality Synthetic Rubber (QSR).

About TBL
TBL Performance Plastics manufactures non-metallic single-use products tailored for biopharmaceutical
manufacturers, CMOs, drug development companies and related OEMs. TBL offers industry-leading
expertise in developing non-metallic fluid transfer and storage products with a heavy focus on quality,
regulatory compliance, and meeting the application-specific needs of our clients.

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CPS Performance Materials Group Acquires GEO Specialty Chemicals

Arsenal Capital Partners
September 3, 2019

BOUND BROOK, NEW JERSEY, September 3, 2019 – CPS Performance Materials (“CPS”), a diversified specialty chemicals manufacturer of performance polymers, fine chemical and chemical illumination solutions, announced today the acquisition of GEO Specialty Chemicals (“GEO”).  CPS is a portfolio company of Arsenal Capital Partners (“Arsenal”).  The terms of the acquisition were not disclosed. 

GEO is a diverse supplier of specialty chemicals and materials to the coatings, adhesives, medical, water treatment and construction markets.  The company operates in three divisions – Paints & Coatings, Water Treatment and Specialty & Construction – with leading positions in its primary chemistries from 19 production sites in the U.S. and Europe. 

In the recent past, GEO has undertaken a number of expansions to increase its presence in the attractive markets of materials for contact lenses, additives for oil and gas drilling, and municipal and industrial water treatment.  This builds upon GEO’s already strong position in methacrylate chemistry where it is a leading supplier to the global coatings and adhesives markets.  GEO is also the largest U.S. producer of glycine, a key amino acid used in a variety of nutrition and personal care products. 

Jeremy Steinfink, President and CEO of CPS, said, “GEO significantly adds to the scale of CPS and positions us well in a number of growing end markets.  Our strategy will focus on investing in GEO’s businesses which complement many of CPS’s existing positions in attractive end markets such as CASE additives, specialty chemicals for pharma and medical uses, nutrition, personal care and a wide range of industrial applications.  We see opportunities to expand across the portfolio where we can leverage our chemical expertise and continue to be a reliable commerical partner.”

Ken Ghazey, CEO of GEO who will join the Board of Directors of CPS, said, “CPS is a great fit for our employees and business partners.  I look forward to working with Arsenal and the CPS team to continue to build the platform.”

Sal Gagliardo, an Operating Partner of Arsenal and the Chairman of CPS, commented, “The addition of GEO to CPS builds on our strategy to expand the breadth of our specialty chemicals platform with highly complementary capabilities and resources.  The acquisition strengthens CPS’s technology offerings to both GEO’s and CPS’s customers and positions CPS for significant growth.  We are delighted to have the GEO team join CPS.”

The Valence Group acted as financial advisor to Arsenal and CPS.

About GEO Specialty Chemicals

Founded in 1993, GEO has grown through strategic acquisition and commitment to niche markets to become a leading supplier of specialty chemicals.  GEO currently manufactures over 300 products for a broad customer base of more than 1,000.  GEO markets include: water treatment; coating and resin additives; specialty acrylic monomers; consumer additives; plus a broad range of dispersants, surfactants, and other additives for the concrete admixtures, synthetic rubber polymerization, gypsum processing and oil well drilling markets.  Visit http://www.geosc.com.

About CPS Performance Materials

CPS Performance Materials is a diversified specialty chemicals manufacturer of coatings additives, pharmaceutical intermediates and API’s, chemical illumination solutions, performance polymers, and fine chemicals and intermediates.  For more information visit: www.cpsperformancematerials.com.

About Arsenal Capital Partners

Arsenal is a leading private equity firm that specializes in investments in middle-market specialty industrials and healthcare companies.  Since its inception in 2000, Arsenal has raised institutional equity investment funds of $5.3 billion, completed 45 platform investments, and achieved 30 realizations.  Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience and seeks companies typically in the range of $100 million to $500 million of initial enterprise value.  The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add.  For more information, visit www.arsenalcapital.com.

Arsenal

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H.I.G. Europe to Acquire Polyurethane Systems Business from Covestro

H.I.G. Europe

HAMBURG – June 17, 2019 – H.I.G. Capital, LLC (“H.I.G.”), a leading global private equity investment firm with over €26 billion of equity capital under management, is pleased to announce that an affiliate has signed a definitive agreement to acquire the European Polyurethane Systems Business (the “Company”) in a carve-out transaction from Covestro AG. The transaction is subject to clearing by the relevant antitrust authorities with closing anticipated for the second half of 2019.

The European Polyurethane Systems Business operates four systems houses in Germany, Denmark, the Netherlands and Spain. It employs approximately 250 full-time employees and generates annual sales of approximately €230 million. Systems houses develop and formulate tailor-made ready-to-use chemical blends for the production of a wide range of polyurethane products such as insulation materials, foams, shoe soles, and building materials. The Company serves a wide range of small- and mid-sized customers across Europe and will be led by Dr. Jörg Schottek, an experienced executive in the chemical industry.

“Tailor-made polyurethane solutions are used in a wide range of applications across a large number of industries. Systems houses offer vital value-add to customers by providing product development, technical support and supply chain services. Polyurethanes are highly versatile materials and new applications are constantly being developed, which provides further demand for the services the Company offers,” said Dr. Johannes Natterer, Managing Director at H.I.G.

“Following the carve-out from Covestro, the Company will be a leading independent polyurethane systems business in Europe and we aim to further expand its pan-European footprint organically and through add-on acquisitions,” Dr. Holger Kleingarn, Managing Director at H.I.G., commented. “The business will continue to have strong ties with Covestro as a key supplier of raw materials. We are pleased that with Dr. Jörg Schottek, we have attracted a highly experienced CEO in the chemical industry to run the business.”

Dr. Jörg Schottek added: “The polyurethane systems business of Covestro is known for providing innovative solutions and market-leading services to clients across Europe. As an independent company, we will build on this position and will continue to strive for product excellence, flexibility and impeccable customer service. I look forward to working together with the Company’s experienced and successful management team.”

About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over €26 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused / value-added approach:

  1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
  2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
  3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of €28 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

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