Akoya Capital Partners, an investor in specialty chemicals, consumer products, information services and consumer foods, has added Charles (Chas) Eggert to the firm as a Managing Director and the head of its specialty chemicals sector.
Mr. Eggert has nearly 40 years of experience in the specialty chemicals industry and a track record of creating value across mid-size to large businesses. His business experience includes private equity, turnarounds, strategic realignments, and mergers and acquisitions.
Prior to joining Akoya, Mr. Eggert was President and CEO of OPX Biotechnologies, a venture capital-financed company that uses biotechnology to produce chemicals from renewable raw materials. During his tenure at OPX, the company grew from a startup to employ 70 people, raised more than $70 million in funding, and formed strategic partnerships with The Dow Chemical Company and Evonik Industries.
His prior experience includes a successful nine-year career at National Starch. As Group Vice President of the Specialty Polymers Division he delivered 38% top-line growth over three years to reach $570 million of global sales generating 35% operating profit growth in the same period. As Corporate Vice President and General Manager of Natural Polymers – Europe, Mr. Eggert led a team of 300 people and grew sales by 30% to $170 million and doubled operating profit. Before National Starch, Mr. Eggert worked at Engelhard as its Vice President of Sales and Marketing for the Specialty Pigments and Additives group. Mr. Eggert also spent 20 years at Monsanto Company in a variety of executive management, marketing, business development, manufacturing, and R&D roles within the Detergents and Phosphates, Engineering Plastics, and Growth Enterprises divisions.
“We are thrilled to have Chas on the Akoya team – he brings a wealth of specialty chemicals industry knowledge to the firm and will allow us to continue to drive our investment strategy of combining world-class executives, well-positioned companies, and fully developed value creation strategies to create significant value for management and investors,” said Max DeZara, Managing Partner of Akoya.
Akoya Capital Partners invests in US-based companies with revenues from $20 to $200 million and EBITDA of at least $3 million. Sectors of interest include specialty chemicals, consumer products, professional information services, and consumer foods. The firm is headquartered in Chicago (www.akoyacapital.com).
As part of Akoya’s specialty chemicals strategy, the firm is seeking platform companies in a variety of categories including adhesives and sealants, coatings, construction, electronics, flavor and fragrances, oilfield, personal care, polymer modifiers and additives, surface actives, and water treatment.
Akoya is also seeking add-on acquisitions for its current portfolio companies in the specialty chemicals sector: (i) ICM Products, a specialty silicone formulator based in Cassopolis, MI (www.icmproducts.com); (ii) Amber Chemical Company, a developer of diverse emulsion and elastomer products for niche markets based in Bridgwater, UK (www.amberchemical.com); (iii) Edge Adhesives, a developer and manufacturer of adhesives, sealants and tapes based in Fort Worth (www.edgeadhesives.com); and (iv) CASS Polymers, a formulator and manufacturer of adhesives, industrial composites, and coatings based in Oklahoma City (www.casspolymers.com).
“I am delighted to be joining Akoya Capital Partners,” said Mr. Eggert. “The firm’s reputation for identifying, buying and growing specialty chemicals businesses through active senior leadership and both organic and inorganic growth is a real differentiator in the marketplace. Akoya excels at robust human capital development, deep operational improvement and high-caliber strategic planning – a combination that is unique to the private equity community.”
2014 PEPD • Private Equity’s Leading News Magazine • 11-6-14