OpenGate Capital has acquired specialty solvent blender and chemical distributor Chemisphere.
Chemisphere provides over 1,000 chemical products and blends including acetone, ethanol, heptane, methanol, methyl acetate, isopropyl alcohol, and xylene to its customers that are active in the personal care, agriculture, food & beverage and industrial markets across the United States.
The company has more than 1.2 million gallons of storage capacity, 58,000 gallons of blending capacity and 64,000 square feet of manufacturing and warehouse space. Chemisphere was founded by Bob Schwent in 1974 and is headquartered in St. Louis.
Earlier this month, OpenGate acquired Chemsolv, a family-owned and Virginia-headquartered regional distributor of commodity and specialty chemicals. With the buy of Chemisphere and its combination with Chemsolv, OpenGate is actively building a chemical manufacturing and distribution platform covering the entire United States.
“I am incredibly proud of the evolution of the Chemisphere business and today represents an important milestone toward our next era of growth. In partnership with Jamie Austin and his team at Chemsolv, I believe we are in a greater position to serve our collective customers,” said Matt Schwent, the president of Chemisphere, who will continue to serve in his role.
“The acquisition of Chemisphere is an exciting second step in the building of a chemical distribution platform and is a hallmark of our belief in seeking out ways to grow our businesses organically and through M&A,” said Andrew Nikou, OpenGate’s founder and chief executive officer.
OpenGate acquires companies that have revenues from $50 million to $1 billion and specializes in corporate carve-outs and complex situations. The firm was founded in 2005 and is based in Los Angeles with an additional office in Paris.
© 2022 Private Equity Professional | January 27, 2022
