Mergers & Acquisitions
October 21, 2020
Another Polytek Acquisition
Arsenal’s Polytek Acquires Incredible Solutions Easton, PA & Crystal River, FL – October 20, 2020 – Polytek® Development Corp. (“Polytek”), a manufacturer of specialty polymers for mold making, casting, and coating applications, announced today the acquisition of Incredible Solutions. Polytek is a portfolio company of Arsenal Capital Partners.
Founded in 2017 and located in Crystal River, Florida, Incredible Solutions supplies epoxy coating and casting systems that are used to coat wood bars and table tops, create decorative surfaces and mixed-media furniture such as river tables, and complete a variety of other works of art and craft.
Incredible Solutions will join Polytek’s consumer brand portfolio and further expand the company’s offering of coating and casting solutions that are formulated specifically for do-it-yourself and artistic communities. These brands offer user-friendly products and accessories that are available direct-to-consumer via a variety of convenient channels, including company-operated e-commerce sites, mass retail, and online marketplaces.
Doug Lorenz, CEO of Polytek, commented “Incredible Solutions has had tremendous success in their first three years of business and we’re very excited to bring them onto the Polytek team and continue to grow with them in the coming years.”
Charlie Ives, owner of Incredible Solutions added, “We are really looking forward to teaming up and collaborating with Polytek. Ultimately, our goal is to continue to serve our customers to the best of our ability while introducing new product options and creative ways to use them.”
Charlie Ives will remain in an active role within the Incredible Solutions brand, and the two companies will continue to do business under their existing names. Genesis Capital, LLC acted as the financial advisor to Polytek.
About Polytek® Development Corp. Founded in 1984, Polytek® Development Corp. is headquartered in Easton, PA with operations in Pomona, CA, Galesburg, MI, Franklin, IN, and Grants Pass, OR. Polytek is a leading manufacturer of specialty polymers including polyurethane elastomers and casting resins, silicone, epoxies, latex, thermoplastic elastomers, and board materials. These systems are used primarily in mold making, casting, and coating applications in industrial and consumer sectors, including construction and restoration, arts and crafts, DIY, product design and manufacturing, entertainment, and education. Polytek® brands include Raw Material Suppliers, Alumilite, BCC Products, ETI Technology, Inc., Pro Marine Supplies, and Stone Coat Countertops. corporation.polytek.com
About Incredible Solutions Located in Crystal River, FL, and founded by a husband and wife duo in 2017, Incredible Solutions was established to service a rapidly growing do-it-yourself epoxy market. The company quickly grew into a top seller on e-commerce platforms while maintaining the customer service hallmarks of a small, family-run business. Today, Incredible Solutions continues to provide user-friendly epoxy coating and casting solutions to do-it-yourselfers, artists, and craftsmen. www.incrediblesolutionsonline.com
October 21, 2020
Another Polytek Acquisition
Arsenal’s Polytek Acquires Incredible Solutions Easton, PA & Crystal River, FL – October 20, 2020 – Polytek® Development Corp. (“Polytek”), a manufacturer of specialty polymers for mold making, casting, and coating applications, announced today the acquisition of Incredible Solutions. Polytek is a portfolio company of Arsenal Capital Partners.
Founded in 2017 and located in Crystal River, Florida, Incredible Solutions supplies epoxy coating and casting systems that are used to coat wood bars and table tops, create decorative surfaces and mixed-media furniture such as river tables, and complete a variety of other works of art and craft.
Incredible Solutions will join Polytek’s consumer brand portfolio and further expand the company’s offering of coating and casting solutions that are formulated specifically for do-it-yourself and artistic communities. These brands offer user-friendly products and accessories that are available direct-to-consumer via a variety of convenient channels, including company-operated e-commerce sites, mass retail, and online marketplaces.
Doug Lorenz, CEO of Polytek, commented “Incredible Solutions has had tremendous success in their first three years of business and we’re very excited to bring them onto the Polytek team and continue to grow with them in the coming years.”
Charlie Ives, owner of Incredible Solutions added, “We are really looking forward to teaming up and collaborating with Polytek. Ultimately, our goal is to continue to serve our customers to the best of our ability while introducing new product options and creative ways to use them.”
Charlie Ives will remain in an active role within the Incredible Solutions brand, and the two companies will continue to do business under their existing names. Genesis Capital, LLC acted as the financial advisor to Polytek.
About Polytek® Development Corp. Founded in 1984, Polytek® Development Corp. is headquartered in Easton, PA with operations in Pomona, CA, Galesburg, MI, Franklin, IN, and Grants Pass, OR. Polytek is a leading manufacturer of specialty polymers including polyurethane elastomers and casting resins, silicone, epoxies, latex, thermoplastic elastomers, and board materials. These systems are used primarily in mold making, casting, and coating applications in industrial and consumer sectors, including construction and restoration, arts and crafts, DIY, product design and manufacturing, entertainment, and education. Polytek® brands include Raw Material Suppliers, Alumilite, BCC Products, ETI Technology, Inc., Pro Marine Supplies, and Stone Coat Countertops. corporation.polytek.com
About Incredible Solutions Located in Crystal River, FL, and founded by a husband and wife duo in 2017, Incredible Solutions was established to service a rapidly growing do-it-yourself epoxy market. The company quickly grew into a top seller on e-commerce platforms while maintaining the customer service hallmarks of a small, family-run business. Today, Incredible Solutions continues to provide user-friendly epoxy coating and casting solutions to do-it-yourselfers, artists, and craftsmen. www.incrediblesolutionsonline.com
October 15, 2020
Maroon Group Sells
Maroon Group, an Avon chemical distributor, sold to Barentz International
Chemical distributor Maroon Group said it’s being acquired by Barentz International, a unit of London-based private equity firm Cinven, for an undisclosed price.
Maroon Group is a 53-year-old company based in Avon, Ohio, that distributes specialty chemicals and life science ingredients.
It has been owned by New York City-based private equity firm CI Capital Partners since 2014.
Maroon Group has more than 5,700 customers in the U.S. and Canada, and distributes more than 6,000 products.
After the completion of the deal, which is expected later this year, Terry Hill will remain as Maroon Group’s CEO.
Hill was named CEO in May 2019, when it was noted that Maroon Group is the third largest distributor of specialty chemicals and ingredients in the United States.
“With CI Capital’s support, Maroon transformed itself from a regional (coatings, adhesives, sealants, elastomers) and plastics distributor based in the Midwest into the broad business it is today. Together, we have built a great company and we are gratified that Barentz has recognized the immense upside in the unique position we have,” Hill said in a statement.
Maroon Group operates a network of more than 40 warehouses located throughout North America.
https://www.bizjournals.com/cleveland/news/2020/10/14/maroon-group-sold-to-barentz.html
October 15, 2020
Maroon Group Sells
Maroon Group, an Avon chemical distributor, sold to Barentz International
Chemical distributor Maroon Group said it’s being acquired by Barentz International, a unit of London-based private equity firm Cinven, for an undisclosed price.
Maroon Group is a 53-year-old company based in Avon, Ohio, that distributes specialty chemicals and life science ingredients.
It has been owned by New York City-based private equity firm CI Capital Partners since 2014.
Maroon Group has more than 5,700 customers in the U.S. and Canada, and distributes more than 6,000 products.
After the completion of the deal, which is expected later this year, Terry Hill will remain as Maroon Group’s CEO.
Hill was named CEO in May 2019, when it was noted that Maroon Group is the third largest distributor of specialty chemicals and ingredients in the United States.
“With CI Capital’s support, Maroon transformed itself from a regional (coatings, adhesives, sealants, elastomers) and plastics distributor based in the Midwest into the broad business it is today. Together, we have built a great company and we are gratified that Barentz has recognized the immense upside in the unique position we have,” Hill said in a statement.
Maroon Group operates a network of more than 40 warehouses located throughout North America.
https://www.bizjournals.com/cleveland/news/2020/10/14/maroon-group-sold-to-barentz.html
September 30, 2020
Covestro To Acquire DSM Resins
Covestro to acquire DSM’s Resins & Functional Materials business
By Mary Page Bailey | September 30, 2020
Royal DSM N.V. (Geleen, the Netherlands) has reached an agreement to sell its Resins & Functional Materials and associated businesses (together, RFM) to Covestro AG (Leverkusen, Germany) for an Equity Value of €1.6 billion.
The proposed transaction is another step forward in DSM’s evolution as a purpose-led, science-based company operating in the fields of Nutrition, Health, and Sustainable Living. It follows DSM’s recent acquisitions of the Erber Group (expected to close shortly), Glycom, and CSK.
The transaction will include all of DSM’s Resins & Functional Materials businesses, including DSM Niaga, DSM Additive Manufacturing and the coatings activities of DSM Advanced Solar. These businesses represented €1,012 million of DSM’s 2019 total annual net sales and €133 million of DSM’s 2019 total EBITDA. DSM will provide re-stated figures for its Materials Cluster ahead of its Q3 results. DSM anticipates a book profit on the transaction to be recognized upon closing. DSM expects to receive approximately €1.4 billion net in cash following closing, including repayment of RFM’s net debt, and after transaction costs and capital gains tax.
The combination of RFM and Covestro will create a business of enhanced scale and technological capability that will benefit existing and potential customers as well as its employees through a stronger platform for growth. Completion of the transaction, which is subject to the customary conditions and approvals, is expected in H1, 2021.
Geraldine Matchett and Dimitri de Vreeze, Co-CEOs of Royal DSM, commented: “This sale builds on our approach of actively managing our businesses, as DSM continues to evolve as a purpose-led, science-based company operating in the fields of Nutrition, Health and Sustainable Living. The deal delivers strong value to DSM and is strategically attractive for all parties. In Covestro, we recognize a company that shares similar views on culture and the value of sustainability. We know that Covestro will be a good owner of these businesses for customers, colleagues and other stakeholders.”
DSM Resins & Functional Materials, containing a Sustainable Coatings division and a Functional Materials division, provides highly-specialized products, such as resins for use in paints and other industrial applications, and optical fiber coatings. This includes DSM Niaga, a VOC-free adhesive and a proprietary production technology for fully-recyclable carpets, mattresses and furniture components.
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