Milliken & Company has agreed to acquire specialty chemicals maker Borchers Group from The Jordan Company (TJC).
Borchers, acquired by TJC in January 2017, is a provider of coatings, inks and adhesives that are used in a variety of applications and end markets by more than 1,000 customers. The company’s product portfolio includes cobalt-free driers (used to speed the drying of paints), dispersants, rheology modifiers (used to adjust the flow behavior of paints and coatings), wetting agents (used to lower the surface tension of liquids), and adhesion promoters (used to increase the adhesive strength between a coating and a substrate).
Borcher’s products – which enhance the performance of its customer’s end products – are often spec’d into its customers’ formulations, which results in high retention rates and long-term relationships.
West Lake, Ohio-headquartered Borchers, led by CEO Devlin Riley, has manufacturing facilities in the United States and France along with technology and business development centers in the United States, Germany, China and India.
“Devlin and the Borchers team have guided the company through a period of strong organic and acquisition growth,” said Erik Fagan, a partner at TJC. “We are proud to have partnered with Borchers management and excited to see the continued impact their products will have for their customers.”
“We are ecstatic about partnering with Milliken to further invest in our business, build out our global platform and continue providing innovative and satisfying solutions to our customers,” said Mr. Riley. “Combining our capabilities and approach with the depth of Milliken’s technology and innovation will allow us to provide exemplary solutions to the markets we serve. I want to thank the TJC team for their guidance and strong partnership.”
Milliken & Company is a diversified industrial manufacturer with interests in specialty chemicals, floor coverings, performance and protective textile materials, and healthcare. The company, owned by the Milliken family and led by CEO Halsey Cook was founded in 1865 and is based in Spartanburg, SC with manufacturing facilities worldwide.
“We look forward to taking scientific leaps forward for our customers as we combine the strengths of Borchers and Milliken,” said Russ Rudolph, senior vice president, Milliken’s Chemical Division. “Borchers expands our reach and grows our technological expertise, enabling us to further chemical innovation in the global specialty chemicals market.”
The Jordan Company is a middle-market private equity firm that invests in a range of industries including industrials, transportation & logistics, healthcare, consumer, telecom, technology, and utilities. The firm was founded in 1982 and is headquartered in New York with an additional office in Chicago.
Moelis & Company was the financial advisor to Borchers and TJC on this transaction. The acquisition of Borchers by Milliken is expected to close by the end of January.
© 2020 Private Equity Professional | January 15, 2020