Company News
December 10, 2021
Another Arsenal Acquisition
| Arsenal’s APPLIED Adhesives Acquires Bird Song Adhesives, Inc. |
| MINNETONKA, Minn., December 9, 2021– APPLIED Adhesives, a premier custom adhesive solutions provider in North America, today announced that it has completed its acquisition of Bird Song Adhesives, Inc., a regional supplier of specialty adhesives located in Madison, Tennessee. This acquisition strengthens APPLIED’s commitment to providing industry leading products, technical expertise, and exceptional service to its customers. “Bird Song Adhesives’ longstanding commitment to their customers has enabled them to build an impressive business with a very loyal customer base,” said John Feriancek, President and CEO of APPLIED Adhesives. “We are thrilled to welcome Bird Song Adhesives to the APPLIED team and look forward to continuing to provide their customers with an outstanding customer experience.” Bird Song Adhesives’ and APPLIED Adhesives share a passion for delivering a superior customer experience that is centered on understanding their customer’s manufacturing and production processes and providing adhesive solutions crafted to meet the specific needs of each customer. “Since 1991, our goal has been to provide our customers with quality goods, excellent service, and a fulfilling experience. We knew if we did those things, the benefits would return to us, and they have. The success we have realized has been a blessing to both us and our customers,” said Greg Rogers, Co-Owner of Bird Song Adhesives, Inc. “It is with excitement that we join the Applied team and are confident our core values will only be enhanced, providing our customers more than ever.” Bird Song Adhesives, Inc. is APPLIED Adhesives’ fifth acquisition in 2021. About Bird Song Adhesives, Inc. Located in Madison, Tennessee, Bird Song Adhesives, Inc. is a regional supplier with over 30 years of providing quality products and service to their customers. Their philosophy is to treat each customer with the respect and provide the attention they deserve, simple, but one that has proven successful. About APPLIED Adhesives APPLIED Adhesives, founded in 1971, is a premier custom adhesive solutions provider in North America. The company is a value-added distributor of hot melt, water-based, and reactive adhesives as well as dispensing equipment. APPLIED Adhesives serves as a critical supply chain partner to leading adhesive manufacturers and formulators by offering reach and high service levels to an expansive customer base. For more information, please visit www.appliedadhesives.com. About Arsenal Capital Partners Arsenal is a leading private equity firm that specializes in investments in middle-market industrials and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds of more than $7.0 billion, completed more than 200 platform and add-on investments, and achieved more than 30 realizations. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value–add. For more information, please visit www.arsenalcapital.com. |
Is potential tax reform a driver?
December 10, 2021
Another Arsenal Acquisition
| Arsenal’s APPLIED Adhesives Acquires Bird Song Adhesives, Inc. |
| MINNETONKA, Minn., December 9, 2021– APPLIED Adhesives, a premier custom adhesive solutions provider in North America, today announced that it has completed its acquisition of Bird Song Adhesives, Inc., a regional supplier of specialty adhesives located in Madison, Tennessee. This acquisition strengthens APPLIED’s commitment to providing industry leading products, technical expertise, and exceptional service to its customers. “Bird Song Adhesives’ longstanding commitment to their customers has enabled them to build an impressive business with a very loyal customer base,” said John Feriancek, President and CEO of APPLIED Adhesives. “We are thrilled to welcome Bird Song Adhesives to the APPLIED team and look forward to continuing to provide their customers with an outstanding customer experience.” Bird Song Adhesives’ and APPLIED Adhesives share a passion for delivering a superior customer experience that is centered on understanding their customer’s manufacturing and production processes and providing adhesive solutions crafted to meet the specific needs of each customer. “Since 1991, our goal has been to provide our customers with quality goods, excellent service, and a fulfilling experience. We knew if we did those things, the benefits would return to us, and they have. The success we have realized has been a blessing to both us and our customers,” said Greg Rogers, Co-Owner of Bird Song Adhesives, Inc. “It is with excitement that we join the Applied team and are confident our core values will only be enhanced, providing our customers more than ever.” Bird Song Adhesives, Inc. is APPLIED Adhesives’ fifth acquisition in 2021. About Bird Song Adhesives, Inc. Located in Madison, Tennessee, Bird Song Adhesives, Inc. is a regional supplier with over 30 years of providing quality products and service to their customers. Their philosophy is to treat each customer with the respect and provide the attention they deserve, simple, but one that has proven successful. About APPLIED Adhesives APPLIED Adhesives, founded in 1971, is a premier custom adhesive solutions provider in North America. The company is a value-added distributor of hot melt, water-based, and reactive adhesives as well as dispensing equipment. APPLIED Adhesives serves as a critical supply chain partner to leading adhesive manufacturers and formulators by offering reach and high service levels to an expansive customer base. For more information, please visit www.appliedadhesives.com. About Arsenal Capital Partners Arsenal is a leading private equity firm that specializes in investments in middle-market industrials and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds of more than $7.0 billion, completed more than 200 platform and add-on investments, and achieved more than 30 realizations. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value–add. For more information, please visit www.arsenalcapital.com. |
Is potential tax reform a driver?
December 9, 2021
Ingevity Changes
Mike Smith elects to retire as executive vice president and president, performance chemicals, strategy and business development of Ingevity
December 09, 2021 06:15 AM Eastern Standard Time
NORTH CHARLESTON, S.C.–(BUSINESS WIRE)–Ingevity Corporation (NYSE:NGVT) today announced that effective March 1, 2022, Mike Smith has elected to retire as executive vice president and president, Performance Chemicals, strategy and business development. Beginning January 1, 2022, Rich White, vice president, Industrial Specialties, and Steve Hulme, vice president, Engineered Polymers, at Ingevity will co-lead the company’s Performance Chemicals segment. At that time, White will become senior vice president, Performance Chemicals, and president, Industrial Specialties and Pavement Technologies, and Hulme will be senior vice president, Performance Chemicals, and president, Engineered Polymers.
“Mike has been an integral member of our executive team and instrumental to the success of our Performance Chemicals segment throughout his tenure here,” said John Fortson, chief executive officer at Ingevity. “His leadership helped us smoothly integrate our acquisitions of Georgia-Pacific’s pine chemicals business and the caprolactone division of Perstorp Holding AB. Our Performance Chemicals segment is well positioned for continued growth because of Mike’s dedication and we wish him the best in retirement.”
Smith joined Ingevity in 2016 after 23 years at FMC Corporation, where he served as vice president and global business director for FMC’s health and nutrition business at the time of his departure and had held management roles of increasing responsibility across FMC’s operations in the U.S. and U.K. He serves on the board for the Lowcountry Food Bank in Charleston, South Carolina, and holds a bachelor’s degree in chemistry from the University of Virginia and a Master of Business Administration degree from the University of Michigan.
White joined Ingevity in 2019 from DuPont Nutrition and Health in Copenhagen, Denmark, where he was vice president of global accounts. Prior to DuPont, White spent 18 years at FMC Corporation serving as general manager of the health and nutrition business for the Europe, Middle East and Africa region; global sales director for health and nutrition; global procurement director; and marketing and sales director of the specialty alkali and lithium division. He holds a Bachelor of Arts degree in chemistry from Morgan State University and a Master of Business Administration degree from the University of Pittsburgh.
In 2020, Hulme joined Ingevity from Maysta Chemical, where he was vice president of commercial operations. With over 30 years of experience in the polyurethanes industry managing complex international businesses, he spent 27 years at Air Products and Chemicals in various sales, marketing and business management roles in Germany and China. Hulme was vice president and general manager for the polyurethane additives business at Air Products prior to its sale to Evonik Industries AG. He studied polymer science at Manchester Metropolitan University.
Ingevity: Purify, Protect and Enhance
Ingevity provides products and technologies that purify, protect and enhance the world around us. Through a team of talented and experienced people, we develop, manufacture and bring to market solutions that help customers solve complex problems and make the world more sustainable. We operate in two reporting segments: Performance Chemicals, which includes specialty chemicals and engineered polymers, and Performance Materials, which includes high-performance activated carbon. These products are used in a variety of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, publication inks, coatings, elastomers, bioplastics and automotive components that reduce gasoline vapor emissions. Headquartered in North Charleston, South Carolina, Ingevity operates from 25 locations around the world and employs approximately 1,850 people. The company is traded on the New York Stock Exchange (NYSE:NGVT). For more information visit www.ingevity.com.
December 9, 2021
Ingevity Changes
Mike Smith elects to retire as executive vice president and president, performance chemicals, strategy and business development of Ingevity
December 09, 2021 06:15 AM Eastern Standard Time
NORTH CHARLESTON, S.C.–(BUSINESS WIRE)–Ingevity Corporation (NYSE:NGVT) today announced that effective March 1, 2022, Mike Smith has elected to retire as executive vice president and president, Performance Chemicals, strategy and business development. Beginning January 1, 2022, Rich White, vice president, Industrial Specialties, and Steve Hulme, vice president, Engineered Polymers, at Ingevity will co-lead the company’s Performance Chemicals segment. At that time, White will become senior vice president, Performance Chemicals, and president, Industrial Specialties and Pavement Technologies, and Hulme will be senior vice president, Performance Chemicals, and president, Engineered Polymers.
“Mike has been an integral member of our executive team and instrumental to the success of our Performance Chemicals segment throughout his tenure here,” said John Fortson, chief executive officer at Ingevity. “His leadership helped us smoothly integrate our acquisitions of Georgia-Pacific’s pine chemicals business and the caprolactone division of Perstorp Holding AB. Our Performance Chemicals segment is well positioned for continued growth because of Mike’s dedication and we wish him the best in retirement.”
Smith joined Ingevity in 2016 after 23 years at FMC Corporation, where he served as vice president and global business director for FMC’s health and nutrition business at the time of his departure and had held management roles of increasing responsibility across FMC’s operations in the U.S. and U.K. He serves on the board for the Lowcountry Food Bank in Charleston, South Carolina, and holds a bachelor’s degree in chemistry from the University of Virginia and a Master of Business Administration degree from the University of Michigan.
White joined Ingevity in 2019 from DuPont Nutrition and Health in Copenhagen, Denmark, where he was vice president of global accounts. Prior to DuPont, White spent 18 years at FMC Corporation serving as general manager of the health and nutrition business for the Europe, Middle East and Africa region; global sales director for health and nutrition; global procurement director; and marketing and sales director of the specialty alkali and lithium division. He holds a Bachelor of Arts degree in chemistry from Morgan State University and a Master of Business Administration degree from the University of Pittsburgh.
In 2020, Hulme joined Ingevity from Maysta Chemical, where he was vice president of commercial operations. With over 30 years of experience in the polyurethanes industry managing complex international businesses, he spent 27 years at Air Products and Chemicals in various sales, marketing and business management roles in Germany and China. Hulme was vice president and general manager for the polyurethane additives business at Air Products prior to its sale to Evonik Industries AG. He studied polymer science at Manchester Metropolitan University.
Ingevity: Purify, Protect and Enhance
Ingevity provides products and technologies that purify, protect and enhance the world around us. Through a team of talented and experienced people, we develop, manufacture and bring to market solutions that help customers solve complex problems and make the world more sustainable. We operate in two reporting segments: Performance Chemicals, which includes specialty chemicals and engineered polymers, and Performance Materials, which includes high-performance activated carbon. These products are used in a variety of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, publication inks, coatings, elastomers, bioplastics and automotive components that reduce gasoline vapor emissions. Headquartered in North Charleston, South Carolina, Ingevity operates from 25 locations around the world and employs approximately 1,850 people. The company is traded on the New York Stock Exchange (NYSE:NGVT). For more information visit www.ingevity.com.
December 8, 2021
Saint-Gobain Acquisition of GCP
Saint-Gobain to buy construction chemical maker GCP for $2.3 billion
Deal follows Sika’s recent purchase of BASF’s former construction chemical business
by Craig Bettenhausen
December 7, 2021
Credit: Shutterstock GCP Applied Technologies makes additives for spray concrete, among other construction chemicals.
Continuing consolidation in the construction chemical field, the French glass and building materials firm Saint-Gobain has agreed to pay $2.3 billion for GCP Applied Technologies, the construction chemical firm that used to be a part of W.R. Grace.
GCP makes concrete additives as well as sheet and spray-on barriers to control water, air, and vapor diffusion. GCP reported earnings of $101 million last year on sales of $903 million. The firm has 50 factories and 1,800 employees. Saint-Gobain says the deal will create a construction chemical business with annual sales of more than $4.5 billion.
In September, Saint-Gobain purchased Chryso, another maker of concrete additives. Chryso is strong in Africa, Europe, and the Middle East, while GCP is positioned well in North America, Latin America, and the Asia-Pacific region, according to Saint-Gobain. Both firms have product lines aimed at lowering the carbon footprint of concrete, an issue of increasing emphasis in the construction industry.
Similarly, Saint-Gobain will merge GCP’s barriers unit with related products it sells under the CertainTeed brand. Overall, the French firm says it has identified $85 million in annual costs it can shave by cutting staff and eliminating overlaps in sales and administration.
The purchase follows BASF’s 2020 divestment of its construction chemicals unit. The building products company Sika agreed last month to buy the former BASF unit, now called MBCC Group, for $5.9 billion.
The Chryso purchase, along with other moves in construction chemicals, places Saint-Gobain in direct competition with Sika, and that will be even more true after Saint-Gobain absorbs GCP, says Ian George, a managing director in the chemical group at the investment banking firm Piper Sandler.
Both the GCP and MBCC sales are part of a trend of construction chemical firms becoming part of broader building-product companies, he says. However, GCP was one of the last large bolt-on acquisitions available, George says, and it will be interesting to see how M&A plays out from here among the long tail of smaller firms.
In 2020, Saint-Gobain ended a 6-year attempt at a hostile takeover of Sika. Though Saint-Gobain didn’t succeed in assembling a controlling interest in its rival, it did make $1.7 billion selling the Sika stock it had collected along the way.
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