Charter Oak Exits CHEMRES

Charter Oak Exits CHEMRES

Charter Oak acquired the plastic resin maker in January 2019

Company capabilities include polyethylene, polypropylene, polystyrene, and specialty engineered resins

SOURCE: Getty Images

Charter Oak Equity has sold Chemical Resources to Benvic Group, a portfolio company of Investindustrial.

Princeton, New Jersey-based Chemical Resources, also known as CHEMRES, manufactures and distributes plastic resins including polyethylene, polypropylene, polystyrene, and other engineered and specialty resins that are used in the medical and diagnostic, wire and cable, packaging, personal care products, building and construction, and industrial sectors.

CHEMRES was founded in 1995 by Paul Keimig and acquired by Charter Oak in January 2019.

“We appreciate everything the Charter Oak team has done to support our growth over the past few years,” said Mr. Keimig. “They have backed us in investing in our people, in new capabilities and in stronger process controls, allowing us to grow within our target medical, packaging, and wire & cable markets. Charter Oak’s support in purchasing new equipment and bolstering our team allowed us to expand organically to meet the mission-critical high-performance requirements demanded by our customers.”

Benvic Group, a portfolio company of Investindustrial since 2018, is a manufacturer and distributor of thermoplastic products used in the construction, fluid transport, cables, packaging, and food industries throughout Europe. Benvic, founded in 1963, is headquartered 220 miles southeast of Paris in Chevigny-Saint-Sauveur, France, and operates eight production facilities in France, Italy, Spain, Poland and the United Kingdom.

“We are proud to have assisted Paul and the CHEMRES team in accomplishing the objectives we jointly envisioned at the start of our partnership,” said Charter Oak Managing Partner Mark Ullman. “Benvic recognized the company’s unparalleled medical-grade capabilities as providing a unique North American beachhead investment in the specialty polymer sector.”

Charter Oak invests in companies with enterprise values of $25 million to $150 million. Sectors of interest include niche manufacturing, packaging, medical products and services, specialty chemicals, consumer products and financial services.  To date, over $500 million in control-oriented capital has been invested in 30 portfolio companies through over 50 acquisitions. Charter Oak was founded in 2006 – its predecessor funds have been active since 1992 – and is based in Westport, Connecticut.

Investindustrial makes control investments in middle-market companies in Southern Europe and will selectively make investments in located outside of this geography. Sectors of interest include consumer and leisure, healthcare and services, industrial manufacturing and technology industries. Luxembourg-headquartered Investindustrial was founded in 1990 and has additional offices in the United Kingdom, the United States, China, Spain, and Switzerland.

© 2021 Private Equity Professional | August 24, 2021

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