Quad-C Management has made an investment in specialty chemical company Boulder Scientific.
Boulder Scientific is a provider of organometallic compounds and other custom chemical products used in the plastics, electronics, defense, pharmaceuticals, and aerospace industries. Organometallics are chemical compounds that contain at least one chemical bond between a carbon atom of an organic molecule and a metal.
The company was founded in 1961 by John Birmingham and has been family-owned business since inception. Boulder Scientific is based near Denver in Longmont, CO (www.bouldersci.com).
Under Quad-C ownership, CEO Scott Birmingham will continue to own an equity stake in the company, and he will oversee day-to-day operations of the business. “Boulder Scientific has expanded tremendously in the last decade, and we are eager to continue growing through our partnership with Quad-C,” said Mr. Birmingham. “Innovation is fundamental to what we do, and a strong financial partnership will build upon our momentum and enable even greater strides in research, product development, and commercial scale production.”
“Specialty chemicals is a focus area for Quad-C. We look forward to using our sector experience to help Boulder Scientific grow and support Scott and the rest of the team with new innovations,” said Rob Reistetter, a principal at Quad-C. “Our priority continues to be to invest in strong, innovative management/operator-owned businesses like Boulder Scientific, and we look forward to helping management continue their mission of offering industry-leading solutions.”
Quad-C has previously invested in the specialty chemicals sector through Royal Adhesives, a South Bend, IN-based manufacturer of commercial and industrial adhesives and sealants (sold in November 2010 to Arsenal Capital Partners); and NuSil, a Carpinteria, CA-based formulator, manufacturer and supplier of specialized silicone raw material compounds (sold in March 2011 to New Mountain Capital).
“Boulder Scientific is a critical player in its markets and is a great fit for our investment strategy in industrials,” said Tom Hickey, a partner at Quad-C. “We are looking forward to a successful partnership with Scott and his team at Boulder Scientific.”
According to a source familiar with this transaction, Varagon Capital Partners served as joint lead arranger and joint bookrunner on financing to support Quad-C’s buy of Boulder Scientific. New York-based Varagon, backed by AIG and founders of Oak Hill Capital Partners, is a lender to sponsor-backed middle market companies with $10 million to $75 million of EBITDA (www.varagon.com).
Quad-C invests from $35 million to $125 million of equity in companies with enterprise values of $75 million to $400 million. Sectors of interest include business services, consumer, industrial, healthcare, specialty distribution and transportation and logistics. In March 2017, the firm closed its latest fund, Quad-C Partners IX LP, at an oversubscribed $1.1 billion. Quad-C was founded in 1989 and is headquartered in Charlottesville, VA (www.quadcmanagement.com).
© 2019 Private Equity Professional | July 25, 2019