Mason Wells has closed its acquisition of Calvary Industries, a specialty chemicals manufacturer. The founding Morelock family and senior management co-invested alongside Mason Wells in the transaction.
Calvary Industries specializes in providing recurring, consumable chemical products used in industrial applications across sectors such as metal pretreatment, water treatment, industrial cleaning, and metalworking.
Calvary was founded in 1983 by John Morelock, Jr., and is currently led by his son, CEO Austin Morelock. The company has 150 non-union workers and is headquartered near Cincinnati in Fairfield, Ohio, with a second manufacturing site located 125 miles northwest of Baton Rouge in Pineville, Louisiana. The company also utilizes third-party distribution centers in California and Mexico to serve broader North American markets.
“We have spent a lot of time getting to know Mason Wells and have been very impressed by the firm’s professionals, most importantly its cultural fit with Calvary,” said Mr. Morelock. “At this inflection point in the company’s history we are excited to bring in a firm that invests in people, partners with management, and has a deep network of industry resources to support Calvary’s growth.”
“Calvary is a unique business in the specialty chemicals sector, and we are excited to partner with the Morelock family and the Calvary leadership team,” said Chris Pummill, a managing director at Mason Wells. “Calvary’s strong market position, commitment to developing technical solutions, and track record of profitable growth make it an ideal addition to the Mason Wells family. We look forward to investing in the company’s continued growth while maintaining the high levels of service and collaboration that Calvary is known for.”
Mason Wells makes investments in Midwest-based companies with revenues of $25 million to $300 million and EBITDA of at least $5 million. Sectors of interest include consumer packaged goods; packaging materials and converting; outsourced business services; and engineered products and services. The firm was founded in 1998 and is based in Milwaukee. In 2020, Mason Wells held a final closing of Mason Wells Buyout Fund V LP with total commitments of $767 million.
Ally Corporate Finance provided debt to support Mason Wells’ buy of Calvary.
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