Edgewater Capital Partners Divests PolyAd Services to ALTANA
Cleveland, OH and St. Louis, MO. Â Edgewater Capital Partners (â€śEdgewaterâ€ť) is pleased to announce the divestiture of the operating subsidiaries of PolyAd Services (â€śPolyAdâ€ť) to ALTANA Groupâ€™s BYK Additives & Instruments Division. Financial terms were not disclosed.
Acquired by Edgewater in a carve-out transaction from BASF in 2014, PolyAd offers innovative additive solutions for a broad spectrum of plastics applications in a number of industries, including the automotive, construction, packaging and electronic sectors and has business in over 30 countries.
â€śThrough an unwavering commitment to solving its customersâ€™ plastics incorporation and effects challenges, PolyAd has become a leading global solutions provider across a broad range of industries,â€ť commented Ryan Meany, Managing Partner of Edgewater. â€śWe are pleased to have continued to build on Edgewaterâ€™s strong track record in effecting carve-out transactions while partnering with management to steer PolyAd into its next phase of growth.â€ť
Mike Modak, PolyAd Services CEO, says the combination of PolyAd and ALTANAâ€™s BYK Additives & Instruments Division will offer the plastics industry high-value answers and products to improve production efficiencies and product performance. â€śI canâ€™t think of a better business combination for our PolyAd customers,â€ť Modak said. â€śOur customers now will benefit both from the additional offerings of BYK and their Addcomp additives as well as the depth of capabilities coming from ALTANA. We look forward to our joint future with BYK which will enable us to fully exploit our companyâ€™s potential in the plastic additives market,â€ť Modak added.
The transaction is expected to close following regulatory approval in the relevant jurisdictions.
KeyBanc Capital Markets served as exclusive financial advisor and Taft Stettinius & Hollister LLP served as legal counsel to PolyAd for the transaction.
ABOUT POLYAD SERVICES
Founded in 1982 as a unit of Mallinckrodt Chemicals, PolyAd became part of Ciba, then BASF before becoming a stand-alone member of the Edgewater Capital Partners family of performance materials companies in 2014. The company now serves the plastics industry in more than 30 countries.
ABOUT EDGEWATER CAPITAL PARTNERS
Edgewater Capital Partners, headquartered in Cleveland, Ohio, is a sector focused private equity firm investing in lower, middle-market performance materials businesses. Â Edgewater has extensive experience and expertise in niche manufacturers of specialty chemicals, pharmaceuticals, and engineered substances. Twenty years of industry specific investing has allowed the Firm to develop a deep understanding of the complexities and nuances common to these businesses. Â Edgewater is strategic, patient capital looking for opportunities to partner with owner-operators, management teams, and employees in developing, enhancing, and growing market leading businesses. For more information on Edgewater Capital Partners, visit www.edgewatercapital.com.