Mergers & Acquisitions
June 9, 2025
Gougeon Brothers Acquired as Platform
Iron Path Capital Announces Partnership with Gougeon Brothers, Inc. as First Investment in Advanced Materials Platform
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Private equity firm to continue building the legacy of family-owned premier epoxy resin formulator and manufacturer
CHARLOTTESVILLE, Va.–(BUSINESS WIRE)–Iron Path Capital, a private equity firm focused on healthcare and specialty industrials, today announced a growth partnership with Gougeon Brothers, Inc., a leading epoxy manufacturer in the composites and marine end markets.
“Gougeon has a long and storied history as a pioneer and innovator in advanced composite epoxy resin systems for both repair and use in original equipment composite parts manufacturing.”Share
“We are delighted to partner with the Gougeon management team to develop and grow their market-leading WEST SYSTEM®, PRO-SET®, and Entropy Resins® epoxy resin systems for making and repairing composite structures,” said Ted Clark, Partner at Iron Path Capital. “Gougeon has a long and storied history as a pioneer and innovator in advanced composite epoxy resin systems for both repair and use in original equipment composite parts manufacturing. We will continue to build the business through organic and inorganic opportunities in the fast-growing composite materials market.”
Family-owned since 1969, Gougeon formulates and manufactures epoxy systems for various applications in the marine, recreational, automotive, aerospace, and industrial composites markets. Gougeon is committed to customer service and technical support in ensuring customers’ effective use of its products in repair and original equipment composite structures. Its in-house chemists develop tailored solutions for each application, ensuring quality and performance through their superior strength and excellent handling characteristics.
The Company’s history is rooted in boat building with the Gougeon brothers pioneering the use of epoxy resin systems in boat construction. In addition to formulating and manufacturing their products, Gougeon is a long-time thought leader in the space and is known for its instructional magazine and online forum (Epoxyworks®), book (The Gougeon Brothers on Boat Construction), and seminars and training sessions including the popular “Glue U” seminar for boat repair.
“The Gougeon Family and the employees of Gougeon Brothers Inc. are thrilled to partner with the team at Iron Path Capital,” said Gougeon CEO Alan Gurski*. “We chose Iron Path as they share our entrepreneurial spirit, and our commitment to each other, our community, our customers, and to manufacturing the finest products for our markets. We look forward to being a part of the next evolution of GBI.”
Ted Clark will serve as Executive Chairman of Gougeon as part of the new advanced materials platform. Clark is an experienced operator in formulated coatings, adhesives and sealants as well as in composites. He previously led Royal Adhesives & Sealants as President and CEO from 2003-2017, which was acquired by H.B. Fuller. Post-acquisition, Clark served as Senior Vice President, Royal Adhesives, then as Executive Vice President and COO of H.B. Fuller before joining Iron Path Capital as a Partner in 2022. Earlier in his career, Mr. Clark also served as President and CEO of PRC-DeSoto International, a producer of coatings and sealants for aircraft.
This marks the fifth platform in Iron Path’s main strategy. Deriving from the Italian term “via ferrata,” a fortified route along a challenging Alps climb, Iron Path provides a differentiated private equity experience for founders and management teams, focusing on what drives the greatest impact while building on the company’s culture and values to scale swiftly and deliberately, one secure step at a time. From day one, Iron Path Capital works hand-in-hand with management teams to add value through its unique blend of Wall Street capability and Main Street authenticity.
Learn more at Gougeon Brothers, Inc. and Iron Path Capital.
About Gougeon Holding Company
Founded in 1969, Gougeon is a leading formulator, manufacturer and marketer of high-quality two-part epoxy systems and ancillary products. The Company’s products include a wide range of epoxy resins, hardeners, fillers, and supplies for the composites, marine, automotive, aerospace, sporting goods, arts and crafts, and other end markets around the world. The Company manufactures WEST SYSTEM® Epoxy, PRO-SET® Epoxy, and Entropy Resins®, distributes PRO-VAC Vacuum Bag Consumables and publishes Epoxyworks® magazine. Gougeon is ISO 9001:2015 registered with primary operations in Bay City, MI. Learn more at Gougeon.com
About Iron Path Capital
Iron Path Capital is an operationally focused private equity firm making lower-middle-market investments across the healthcare and specialty industrial sectors. With offices in Nashville, TN and Charlottesville, VA, Iron Path Capital supports its partners with capital, operating expertise, business development, and industry relationships to achieve significant scale. Iron Path Capital focuses on growing companies with stable cash flows, superior management teams, defensible, scalable business models and multiple vectors for growth, both organic and through consolidation. Learn more at ironpathcapital.com
*Mr. Gurski is not a current client of Iron Path Capital, L.P., or an investor in any of its funds and was not provided with compensation for this statement. We are not aware of any material conflicts of interest with him providing this statement resulting from his and Iron Path’s relationship.
June 4, 2025
Aditya Birla Acquisition
Cargill
MILWAUKEE (June 4, 2025) Aditya Birla Group, a leading Indian multinational, has agreed to purchase Cargill’s Dalton, Georgia-based specialty chemicals business. Aditya Birla Group intends to expand the Dalton, Georgia facility’s capacity over the next two years, and will continue to manufacture the business’ current output of formulated resins, curing agents, reactive diluents and polyaspartic resins.
Grace Matthews, Inc. advised Cargill on this transaction.
ABOUT CARGILL, INC.
Cargill is committed to providing food, ingredients, agricultural solutions, and industrial products to nourish the world in a safe, responsible, and sustainable way. Sitting at the heart of the supply chain, we partner with farmers and customers to source, make and deliver products that are vital for living.
Our approximately 160,000 employees innovate with purpose, providing customers with life’s essentials so businesses can grow, communities prosper, and consumers live well. With 160 years of experience as a family company, we look ahead while remaining true to our values. We put people first. We reach higher. We do the right thing—today and for generations to come. For more information, visit www.cargill.com.
ABOUT ADITYA BIRLA GROUP
The Aditya Birla Group is a US$ 66 billion global conglomerate in the League of the Fortune 500. Anchored by an extraordinary force of over 140,000 employees belonging to 100 nationalities, the Group is built on a strong foundation of stakeholder value creation. With its presence across 6 continents and 36 countries, the Aditya Birla Group holds 130 state-of-the-art manufacturing units globally.
Today, over 50% of Group revenues flow from overseas operations that span 36 countries in North and South America, Africa and Asia. For more information, visit www.adityabirla.com.
ABOUT GRACE MATTHEWS
Grace Matthews, Inc., a Milwaukee-based investment bank, provides merger, acquisition, and corporate finance advisory services to private and public companies across the chemical and material science value chain. Over the past 25 years, Grace Matthews has successfully completed over 150 transactions on behalf of private, middle-market companies, private equity firms, and large multi-national corporations. For more detailed information on Grace Matthews, visit www.gracematthews.com.
May 18, 2025
COIM Acquires Palmer Cashew Nutshell Liquid Site
FOR IMMEDIATE RELEASE May 16, 2025
COIM USA Announces Acquisition of Strategic Site in New Boston, Texas
West Deptford, NJ — COIM USA, a leading specialty chemical manufacturer and part of the global COIM Group, is pleased to announce the acquisition of a 20-acre property in New Boston, Texas (Texarkana Region), from Palmer International.
The acquisition includes an existing logistics infrastructure, as well as a new, renewable polyol product line, consisting of materials made principally from rapidly-renewable Cashew Nutshell Liquid (CNSL). This product line will complement COIM’s existing Isoexter line of polyester polyols, allowing them to better serve the market.
COIM also plans to expand operations at the new site, adding 100 million lbs. of capacity for additional product lines by the middle of 2027.
“This acquisition represents a significant milestone in COIM USA’s long-term growth strategy,” said Michelangelo Cavallo, President of COIM USA. He further commented: “The New Boston location broadens our geographic reach, expands our sustainable portfolio, and enhances COIM USA’s ability to serve customers with greater speed, efficiency, and resiliency.”
In summary, the New Boston site will create operational synergies by enhancing COIM USA’s current product portfolio with innovative, sustainable materials. The planned expansion will also deliver geographic efficiencies and operational redundancy, with the goal of ensuring consistent service and supply reliability for customers across North America.
About COIM USA COIM USA is a subsidiary of COIM Group, an international leader in the production of specialty chemicals, including polyesters, polyurethanes, adhesives, and other high-performance materials used in foam, elastomers, packaging, coatings, adhesives, and composites. With a global presence and a
May 6, 2025
ADNOC & Covestro Update
ADNOC set to gain unconditional EU antitrust nod for Covestro deal – Reuters
May 06, 2025 9:21 AM ETCovestro AG (CVVTF) StockCOVTYBy: Carl Surran, SA News Editor
Abu Dhabi state oil giant ADNOC is set to secure unconditional antitrust approval from the European Union for its €14.7B (~$16.6B) takeover of German chemicals company Covestro (OTCPK:CVVTF) (OTCPK:COVTY), Reuters reported Tuesday.
The European Commission, which is scheduled to decide on the deal by May 12, does not see any competition issues because there are no overlaps between the two companies, according to the report.
The acquisition also is subject to the EU’s Foreign Subsidies Regulation, where the focus is on unfair foreign aid for companies; South African and Indian competition watchdogs have already cleared the deal without demanding remedies.
Covestro (OTCPK:CVVTF) (OTCPK:COVTY), which also narrowed its FY 2025 core profit expectations to €1B-€1.4B from €1B-€1.6B previously, said it does not speculate about regulatory proceedings.
Once the deal is completed, XRG – the international investment arm of ADNOC – will become the new majority shareholder in Covestro (OTCPK:CVVTF) (OTCPK:COVTY).
April 28, 2025
More Details on Wanhua & PIC JV
Wanhua Chemical & PIC Sign JV Agreement
PUdaily | Updated: April 28, 2025
Wanhua Chemical Group Co., Ltd. and Petrochemical Industries Company (PIC) Sign Joint Venture Agreement
On April 25th, at the headquarters of Wanhua Chemical Group in Yantai City, Shandong Province, Wanhua Chemical Group Co., Ltd. (hereinafter referred to as “Wanhua Chemical”) and Petrochemical Industries Company (herein referred to as “PIC”, a wholly-owned subsidiary of Kuwait Petroleum Corporation “KPC”) officially signed a joint venture agreement, with PIC investing $638 million to subscribe to a 25% of the shares of Wanhua Chemical’s wholly-owned subsidiary, Wanhua Chemical (Yantai) Petrochemical Co., Ltd.
Before the signing of the agreement, PIC had successfully completed the bidding process on April 22nd, 2025, at the Shandong United Property Rights Trading Center.
The signing of this agreement marks an important milestone in the many years of cooperation between Wanhua Chemical and PIC, signifying the entry into a new phase of strategic cooperation between the two parties, and also reflecting their joint commitment to promoting the development of the global petrochemical industry.
In the presence of Chairman of Wanhua Chemical Group, Liao Zengtai, and Deputy Chairman and CEO of Kuwait Petroleum Corporation, Shaikh Nawaf Al Sabah, President of Wanhua Chemical Group, Kou Guangwu, and CEO of PIC, Nadia Al Hajji, officially signed the joint venture agreement.
Regarding this joint venture between Wanhua Chemical and PIC, President Kou Guangwu of Wanhua Chemical Group said: Since leading Wanhua’s business team to visit Kuwait Petroleum for the first time in 2013, we have been the first to sign a long-term LPG supply agreement with Kuwait Petroleum, becoming the first enterprise in China to directly participate in the allocation of Middle Eastern LPG resources, creating an energy artery connecting the Persian Gulf and the Bohai Sea. These direct cooperations have not only ensured the stable operation of Wanhua Yantai’s petrochemical facilities but also laid a solid foundation for Wanhua Chemical to become the first Chinese enterprise with the right to recommend CP prices. Today, the signing of the joint venture agreement between Wanhua Chemical and PIC is not only a comprehensive upgrade of past cooperation but also another model of Sino-Ku cooperation. We look forward to using this joint venture as a new starting point, continue to expand the field of joint cooperation, share missions, lead changes, and accelerate the pace of “oil transformation”, promote the petrochemical industry’s transition from “high carbon manufacturing” to “low carbon recycling”, promote the deep integration of the “Belt and Road” initiative with the “Kuwait 2035 National Vision”, and create a new situation for joint development.
CEO of PIC, Nadia Al Hajji, said: The joint venture is of great significance and far-reaching implications. She emphasized the strategic importance of the project, noting that it will not only create value through the joint petrochemical assets but also promote mutual development and innovation between the two parties. The joint venture between PIC and Wanhua Chemical reflects the common vision, high trust, and consistency in promoting innovation, development, and creating long-term value between the two parties. Nadia Al Hajji expressed her sincere gratitude and affirmed that this cooperation will be the cornerstone for PIC’s continued development in Asia and broader regions. “I would like to express my heartfelt thanks to everyone who has worked hard to make this cooperative relationship a reality. From the teams working tirelessly behind the scenes to the leaders who support this vision – it is your dedication that has made this proud moment possible.”
Shaikh Khaled Al Sabah, Director and General Manager of International Marketing at Kuwait Petroleum Corporation, expressed his gratitude to all the leaders, employees of Wanhua, and relevant personnel of Kuwait for their efforts in facilitating the good cooperation between PIC and Wanhua! He emphasized the long-standing cooperative relationship between Kuwait Petroleum and Wanhua Chemical, which began with long-term supply agreements years ago, laying a solid foundation of trust, responsibility, and mutual respect between the two companies, and looking forward to further deepening exchanges and strengthening cooperation to achieve mutual benefit and win-win, and continuously achieve new and greater achievements. “I would like to take this opportunity to wish PIC and Wanhua Chemical all the best on this journey together.”
Shaikh Nawaf Al Sabah, Deputy Chairman and CEO of KPC, made a concluding speech on behalf of KPC: Congratulations on the successful signing. He mentioned that Kuwait’s diplomatic relations with China are long-standing, and that Kuwait is one of the first supporters of China’s “Belt and Road” initiative. In the future, Kuwait will continue to be a good friend of China. He emphasized that the agreement signed between PIC and Wanhua Chemical is of milestone significance, marking the largest petrochemical investment by Kuwait in China, and also an important milestone in the long-standing friendly relations between the two countries. He said that this joint venture, based on the traditional supply relationship, demonstrates KPC’s determination to transform the traditional supply relationship into a strategic cooperative relationship oriented towards value creation. “Today marks another step in our strategy to transform our carbon hydrogen compound supply relationship into a long-term partnership. In this sense, the cooperation between PIC and Wanhua Chemical on the Yantai Petrochemical PDH integrated project reflects the common vision of both parties in terms of industrial development, value creation, and long-term cooperation.”
Chairman of Wanhua Chemical Group, Liao Zengtai, on behalf of Wanhua Chemical, made a concluding speech: He highly praised the friendship between Wanhua Chemical and KPC, the highly compatible development concepts of both parties, the deepening mutual trust, and the continuously expanding scale of cooperation are the solid foundation for the historical cooperation and future joint development. The signing of this joint venture agreement marks the entry into a new era of friendly relations between the two parties, and in the future, both parties will fully leverage their respective industrial advantages and resource endowments to achieve complementary advantages on a larger scale, broader fields, and deeper levels, helping both parties’ cooperation to reach new heights. He believes that with the joint efforts of Wanhua Chemical and Kuwait Petroleum Corporation (KPC), this cooperation will definitely yield fruitful results, contributing to the construction of a world-leading high-end chemical new material industry base in the southern coast of the Bohai Sea, and providing greater strength to Yantai in building a central city in the Bohai Rim.
The signing ceremony was presided over by Chen Yifeng, Senior Vice President and Chairman of Wanhua Chemical (Yantai) Petrochemical Co., Ltd., and was attended by Feras Al Awad, Deputy CEO of PIC’s Projects and Business Development, Li Min, Vice President of Wanhua Chemical, and other senior leaders and project team members from both sides.
This joint venture between Wanhua Chemical and PIC will help improve the internationalization level of the Bohai Sea coast, the business environment for foreign merchants in China, attract more high-quality foreign capital, promote the coordinated development of the chemical and petroleum industries to new heights, promote economic development, and lead the new trend of petrochemical industry development!
Source: Wanhua Chemical
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