Mergers & Acquisitions
January 13, 2022
Perstorp Buys DMPA Business from Geo Specialty Chemicals
GRACE MATTHEWS ADVISES CPS PERFORMANCE MATERIALS ON THE SALE OF ITS DMPA® BUSINESS TO PERSTORP HOLDING AB 
MILWAUKEE (January 13, 2022) – GEO Specialty Chemicals, a subsidiary of CPS Performance Materials, announced that it has sold its Di-Methylolpropionic Acid (DMPA®) business to Perstorp Holding AB. CPS is a portfolio company of Arsenal Capital Partners. Grace Matthews served as financial advisor to CPS Performance Materials and Arsenal Capital Partners.
Di-Methylolpropionic Acid is an additive that enables a technology shift from solvent to waterborne formulations within the polyurethane dispersion and alkyd markets. The acquisition allows Perstorp to grow its position as a sustainable specialty solutions provider to these markets.
“Our strategy is to be the sustainable solutions provider within our focus segments, of which resins and coatings is one. Additives for waterborne resins and coatings technologies are a key area for future growth, and we see great potential in the market for Bis-MPA™ together with the acquired DMPA®. This acquisition will both allow further development of our offering and enable long term investments to safeguard future availability,” says Jan Secher, President and CEO of Perstorp Group.
“We are excited to have found a partner in Perstorp who is committed to supporting the growing demand for DMPA. CPS will continue to focus on building our core businesses and this transaction enables us to streamline our portfolio as we invest in a number of capacity and product expansions throughout the company,” says Jeremy Steinfink, CEO of CPS Performance Materials.
ABOUT CPS PERFORMANCE MATERIALS CPS Performance Materials is a diversified specialty chemicals manufacturer of coatings additives, pharmaceutical intermediates and APIs, chemical illumination solutions, performance polymers, and fine chemicals and intermediates. For more information visit www.cpsperformancematerials.com.
ABOUT PERSTORP HOLDING AB Perstorp, headquartered in Sweden, is a world leader in several specialty chemicals market segments including resins and coatings, engineered fluids and animal nutrition. Perstorp has over 1,400 employees and has manufacturing units in Europe, Asia, and North America. For more information, visit www.perstorp.com. _________________________________________
January 13, 2022
Perstorp Buys DMPA Business from Geo Specialty Chemicals
GRACE MATTHEWS ADVISES CPS PERFORMANCE MATERIALS ON THE SALE OF ITS DMPA® BUSINESS TO PERSTORP HOLDING AB MILWAUKEE (January 13, 2022) – GEO Specialty Chemicals, a subsidiary of CPS Performance Materials, announced that it has sold its Di-Methylolpropionic Acid (DMPA®) business to Perstorp Holding AB. CPS is a portfolio company of Arsenal Capital Partners. Grace Matthews served as financial advisor to CPS Performance Materials and Arsenal Capital Partners.
Di-Methylolpropionic Acid is an additive that enables a technology shift from solvent to waterborne formulations within the polyurethane dispersion and alkyd markets. The acquisition allows Perstorp to grow its position as a sustainable specialty solutions provider to these markets.
“Our strategy is to be the sustainable solutions provider within our focus segments, of which resins and coatings is one. Additives for waterborne resins and coatings technologies are a key area for future growth, and we see great potential in the market for Bis-MPA™ together with the acquired DMPA®. This acquisition will both allow further development of our offering and enable long term investments to safeguard future availability,” says Jan Secher, President and CEO of Perstorp Group.
“We are excited to have found a partner in Perstorp who is committed to supporting the growing demand for DMPA. CPS will continue to focus on building our core businesses and this transaction enables us to streamline our portfolio as we invest in a number of capacity and product expansions throughout the company,” says Jeremy Steinfink, CEO of CPS Performance Materials.
ABOUT CPS PERFORMANCE MATERIALS CPS Performance Materials is a diversified specialty chemicals manufacturer of coatings additives, pharmaceutical intermediates and APIs, chemical illumination solutions, performance polymers, and fine chemicals and intermediates. For more information visit www.cpsperformancematerials.com.
ABOUT PERSTORP HOLDING AB Perstorp, headquartered in Sweden, is a world leader in several specialty chemicals market segments including resins and coatings, engineered fluids and animal nutrition. Perstorp has over 1,400 employees and has manufacturing units in Europe, Asia, and North America. For more information, visit www.perstorp.com. _________________________________________
January 11, 2022
Chemsolv Acquired
FOR IMMEDIATE RELEASE GRACE MATTHEWS ADVISES CHEMSOLV, INC. ON ITS SALE TO OPENGATE CAPITAL 
MILWAUKEE (January 11, 2022) – Chemsolv, Inc. (“Chemsolv”), a leading distributor of commodity and specialty chemicals based in Roanoke, VA, has been acquired by OpenGate Capital (“OpenGate”). Grace Matthews advised Chemsolv on the transaction.
Founded in 1979, Chemsolv is a diversified distributor offering more than 1,000 chemicals including solvents, plasticizers, coolants, lubricants, surfactants, diesel exhaust fluid, additives, and other products. Its customers participate in a variety of end markets such as paints and coatings, construction, energy, chemical intermediates, and transportation. Chemsolv also provides a number of value-added services including solvent recovery, blending, packaging, and formulation support.
Chemsolv will continue to operate under the leadership of its current President, Jamie Austin. “Today represents an important point in Chemsolv’s 40+ year history through our partnership with OpenGate,” said Austin. “Our business is well-positioned for growth and expansion, and we’re looking forward to continuing to serve our customer base.”
“Chemsolv’s entrepreneurial mindset, market expertise and reliability has earned it a strong reputation with its suppliers and customers,” commented Eric Sabelhaus, Director at Grace Matthews. “We look forward to their continued growth and success in partnership with the team at OpenGate.”
ABOUT CHEMSOLV, INC. Chemsolv was founded in November 1979 in Roanoke, Virginia by Mr. Glenn Austin. With its primary operations in the Mid-Atlantic region, Chemsolv is well established as one of the largest distributors in the United States. Chemsolv represents over 100 manufacturers of industrial chemicals, silicones, solvents, lubricants, metalworking fluids, and other specialty products, all of which are supported by a commitment to continuous improvement in its operating practices, and The Responsible Distribution Process of the NACD. To learn more about Chemsolv, please visit www.chemsolv.com.
ABOUT OPENGATE CAPITAL OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses to create new value through operational improvements, innovation, and growth. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California with a European office in Paris, France. OpenGate’s professionals possess the critical skills needed to acquire, transition, operate, build, and scale successful businesses. To date, OpenGate Capital, through its legacy and fund investments, has executed more than 30 acquisitions including corporate carve-outs, management buyouts, special situations, and transactions with private sellers across North America and Europe. To learn more about OpenGate, please visit www.opengatecapital.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 materials value chain. Over the past two decades, Grace Matthews has successfully completed over 200 transactions on behalf of clients ranging from private, middle-market companies to large, foreign or U.S.-based multi-nationals. For more detailed information on Grace Matthews, visit www.gracematthews.com.
January 11, 2022
Chemsolv Acquired
FOR IMMEDIATE RELEASE GRACE MATTHEWS ADVISES CHEMSOLV, INC. ON ITS SALE TO OPENGATE CAPITAL MILWAUKEE (January 11, 2022) – Chemsolv, Inc. (“Chemsolv”), a leading distributor of commodity and specialty chemicals based in Roanoke, VA, has been acquired by OpenGate Capital (“OpenGate”). Grace Matthews advised Chemsolv on the transaction.
Founded in 1979, Chemsolv is a diversified distributor offering more than 1,000 chemicals including solvents, plasticizers, coolants, lubricants, surfactants, diesel exhaust fluid, additives, and other products. Its customers participate in a variety of end markets such as paints and coatings, construction, energy, chemical intermediates, and transportation. Chemsolv also provides a number of value-added services including solvent recovery, blending, packaging, and formulation support.
Chemsolv will continue to operate under the leadership of its current President, Jamie Austin. “Today represents an important point in Chemsolv’s 40+ year history through our partnership with OpenGate,” said Austin. “Our business is well-positioned for growth and expansion, and we’re looking forward to continuing to serve our customer base.”
“Chemsolv’s entrepreneurial mindset, market expertise and reliability has earned it a strong reputation with its suppliers and customers,” commented Eric Sabelhaus, Director at Grace Matthews. “We look forward to their continued growth and success in partnership with the team at OpenGate.”
ABOUT CHEMSOLV, INC. Chemsolv was founded in November 1979 in Roanoke, Virginia by Mr. Glenn Austin. With its primary operations in the Mid-Atlantic region, Chemsolv is well established as one of the largest distributors in the United States. Chemsolv represents over 100 manufacturers of industrial chemicals, silicones, solvents, lubricants, metalworking fluids, and other specialty products, all of which are supported by a commitment to continuous improvement in its operating practices, and The Responsible Distribution Process of the NACD. To learn more about Chemsolv, please visit www.chemsolv.com.
ABOUT OPENGATE CAPITAL OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses to create new value through operational improvements, innovation, and growth. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California with a European office in Paris, France. OpenGate’s professionals possess the critical skills needed to acquire, transition, operate, build, and scale successful businesses. To date, OpenGate Capital, through its legacy and fund investments, has executed more than 30 acquisitions including corporate carve-outs, management buyouts, special situations, and transactions with private sellers across North America and Europe. To learn more about OpenGate, please visit www.opengatecapital.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 materials value chain. Over the past two decades, Grace Matthews has successfully completed over 200 transactions on behalf of clients ranging from private, middle-market companies to large, foreign or U.S.-based multi-nationals. For more detailed information on Grace Matthews, visit www.gracematthews.com.
January 10, 2022
Q4 Chemical M&A
Chemical Deal Results
| Seller | Buyer | Business | Date |
|---|---|---|---|
| Jarchem Innovative Ingredients | Vertellus | specialty ingredients and nature-based products | 4th Quarter 2021 |
| Advanced Research Chemicals | Inhance Technologies (Aurora Capital) | high purity specialty chemicals and materials | 4th Quarter 2021 |
| Industrial Chemicals, Inc. | Colinial Chemical Solutions | industrial chemicals and services including repackaging, storage, custom blending, contract storage and packaging, and chemical logistical support. | 4th Quarter 2021 |
| Dyvex Group | The Protech Group | plastic compounds for flavor, fragrance and odor control products | 4th Quarter 2021 |
| Wörwag | PPG | coatings for industrial and automotive applications -€220s | 4th Quarter 2021 |
| BASF | Clariant | manufacturing site in Quincy, Florida and the associated attapulgite business – $36s/$60v | 4th Quarter 2021 |
| Bridgestone | Endeavor United | chemical solutions business – $500s | 4th Quarter 2021 |
| GCP Applied Technologies | Saint-Gobain | acquisition of whole company (concrete additives and barriers to control water, air and vapor diffusion) -$903s/$2,300v | 4th Quarter 2021 |
| CMC Materials (formerly Cabot Microelectronics) | Entegris | acquisition of whole company (materails primarily for the semiconductor industry) – $1,200s/$6,500v | 4th Quarter 2021 |
| Croda | Cargill | Bio-based Industrial Chemicals – $1,030v | 4th Quarter 2021 |
| Seller | Buyer | Business | Date |
|---|---|---|---|
| Roscom | Geon | PVC compounding | 4th Quarter 2021 |
| Spray-Tek | Aurora Capital | spray drying and ingredient processing solutions, principally serving the food and beverage, personal and home care, and pharmaceutical and nutraceutical end markets | 4th Quarter 2021 |
| Verdia | Seal For Life (Arsenal Capital) | polymeric floor coatings | 4th Quarter 2021 |
| Mascoat | Seal For Life (Arsenal Capital) | thermal insulation coatings, anti-condensation, and sound damping coatings | 4th Quarter 2021 |
| Evans Chemetics (Bruno Bock) | Reagens USA | thioesters | 4th Quarter 2021 |
| Georgia-Pacific | Bakelite Synthetics | phenolic resins | 4th Quarter 2021 |
| SK Capital | Polyventive (Arsenal Capital) | surfactants and dyes & pigments businesses of Tri-TexCo Inc and Trichromatic-West, Inc | 4th Quarter 2021 |
| Materia | ExxonMobil | thermoset resins | 4th Quarter 2021 |
| Bird Song Adhesives | Applied Adhesives (Arsenal Capital) | adhesives | 4th Quarter 2021 |
| Intarome | The Riverside Company | fragrances | 4th Quarter 2021 |
| Seller | Buyer | Business | Date |
|---|---|---|---|
| American Sealants | Meridian Adhesives (Arsenal Capital) | product assembly adhesives and sealants | 4th Quarter 2021 |
| Arsenal/HIG | HIG/Arsenal | merger of USALCO (aluminum-based chemicals used in water and wastewater treatment and in refineries) and G2O Technologies (chemicals used in the potable, industrial, and wastewater treatment sectors) | 4th Quarter 2021 |
| Cabot Corporation | One Equity Partners | purification solutions business (Norit Activated Carbon) – $257s/$11v | 4th Quarter 2021 |
| Johnson Matthey | Fenzi Holdings (Arsenal Capital) | Advanced Glass Technologies (glass enamels and precious metal pastes supplied mainly to the automotive sector) | 4th Quarter 2021 |
| Hexion | Westlake | epoxy business – $1,500s/$1,200v | 4th Quarter 2021 |
| Custome Essence | Givaudan | fragrances – $40s | 4th Quarter 2021 |
| Goldman Sachs | Advent International | Caldic (life science and specialty chemical distribution) $1,100s | 4th Quarter 2021 |
| BASF | KaMin (IMin Partners) | kaolin minerals | 4th Quarter 2021 |
| Lone Star Funds | Sika | MBCC (construction chemicals) – €2,700s/€5,200v | 4th Quarter 2021 |
| BASF | Entegris | Precision Microchemicals (high-purity materials, including cleaning chemistries and chemical mechanical planarization slurries) | 4th Quarter 2021 |
| Seller | Buyer | Business | Date |
|---|---|---|---|
| Purolite | Ecolab | ion exchange resins – $400s/$3,700v | 4th Quarter 2021 |
| RM Lucas Company | Artemis Capital | coatings, sealants and adhesives | 4th Quarter 2021 |
| Troy Corporation | Arxada (Bain Capital & Cinven) | microbial control solutions used in paints & coatings, wood protection and preservation, home and personal care, plastics and textiles, energy and metalworking fluids | 4th Quarter 2021 |
| AvCarb Material Solutions | Arsenal Capital | engineered carbon-based materials for critical electrochemical, friction, and thermal applications | 4th Quarter 2021 |
| Rogers Corporation | DuPont | acquisition of whole company (electronic materials) – $913s/$5,200v | 4th Quarter 2021 |
| Eastman | Synthomer | adhesive resins – $484s/$1,000v | 4th Quarter 2021 |
| J. Meyer & Sons | Chroma Color | custom and proprietary colour concentrates and masterbatches for the medical and pharmaceutical markets. | 4th Quarter 2021 |
| Cypress Performance Group | Milliken | Encapsys (microencapsulation solutions) | 4th Quarter 2021 |
| Edgewater Capital | Synalloy | Danchem (specialty chemicals contract manufacturing) – $30s/$33v | 4th Quarter 2021 |
| ADQ | Applied Adhesives (Arsenal Capital) | adhesives and associated dispensing equipment | 4th Quarter 2021 |
| Seller | Buyer | Business | Date |
|---|---|---|---|
| Epoxytec International | Tnemec | epoxies, protective and structural-grade coatings and linings. | 4th Quarter 2021 |
| DecoArt | MPE Partners | manufacture of paints and finishes used in arts, crafts, and home decorating applications | 4th Quarter 2021 |
| Lynx Thermoset Coatings | The Protech Group | thermoset powder coatings | 4th Quarter 2021 |
| Baze Chemical | Verdant (OpenGate Capital) | ethoxylated chemicals for oil and gas production, mining and water treatment | 4th Quarter 2021 |
| American Chemical | Applied Adhesives (Arsenal Capital) | adhesives and sealants | 4th Quarter 2021 |
| PMC Capital Partners | Epsilyte (Balmoral Funds) | StyroChem Canada (expandable polystyrene) | 4th Quarter 2021 |
http://www.chemicaldeals.com/Results.aspx?searchtext=&quarter=4th+Quarter+2021
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