Lindsay Goldberg Launches Chemical Distribution Platform

Lindsay Goldberg has agreed to acquire EMCO Chemical Distributors, a Wisconsin-based industrial and specialty chemical distributor.

EMCO supplies over 5,000 chemical SKUs, including solvents, acids, alkalis, surfactants, and specialty additives used in a wide range of markets including agriculture, pharmaceuticals, food and beverage, personal care, coatings, and water treatment. The company’s three core services are distribution, blending, and packaging. The company distributes over 5,000 chemical SKUs, including solvents, acids, alkalis, surfactants, and specialty additives.

EMCO’s blending operations produce custom chemical formulations, some of which are hazardous and require environmental compliance, traceability, and precise handling. Packaging capabilities range from bulk containers to small-pack formats and include clean room filling conducted in ISO 8 (Class 100,000) environments for high-purity requirements.

Edward Polen founded EMCO in 1971 as E-M Co., launching the business from his garage in Highland Park, Illinois, where he filled chemical orders and packaged materials into small containers. Today, EMCO employs more than 500 people and operates seven distribution and packaging facilities across Wisconsin (2), Illinois (2), Indiana, Quebec, and Toronto. EMCO also operates an environmental services facility and an application lab.

“Building EMCO over the last 54 years has been the greatest privilege. From the start, I set out to build a company where people matter – where we are true partners to our suppliers and customers and where our employees are empowered to make a difference,” said Mr. Polen. “I’m proud of the culture we’ve built at EMCO. It is critical to our success, and I know that Lindsay Goldberg is the right partner to carry our culture forward.”

At the close of the transaction, Frank Bergonzi, a Lindsay Goldberg Affiliate Partner and an experienced chemicals industry executive, will be named as the Executive Chairman of the Board of Directors of EMCO in conjunction with Mr. Polen’s retirement.

“I have known and respected Edward Polen and the EMCO platform for the last 30 years,” said Mr. Bergonzi. “I am excited to work alongside EMCO’s talented management team as we expand into new products and markets. Together, we will grow EMCO and further build upon Edward’s remarkable legacy.”

The U.S. chemical distribution industry is valued at approximately $28 billion as of 2023, according to Grand View Research. The market is projected to grow at a compound annual growth rate of 7.5% through 2030. Growth is driven by increased outsourcing of logistics and formulation by manufacturers, as well as demand for value-added services such as blending, just-in-time delivery, and regulatory compliance. Rising operational complexity and regulatory demands are accelerating consolidation among mid-sized and smaller distributors.

“Our investment in EMCO is the culmination of a multi-year relationship with EMCO founder Edward Polen,” said John Holland and Eric Fry, partners at Lindsay Goldberg, in a released statement. “EMCO stands out for its stellar reputation, enduring supplier relationships, loyal employee base, and unmatched infrastructure in the region. We believe these strengths underpin EMCO’s position as a market leader, and we look forward to working with EMCO’s management team to support its future growth.”

Lindsay Goldberg, headquartered in New York City, specializes in investments in founder-led and family-owned businesses across industrial, business services, financial services, and government-related sectors. Since its founding in 2001, the firm has raised more than $20 billion of equity capital and completed investments in over 65 platform companies and 350+ add-on transactions.

Financial advisors to Lindsay Goldberg included Chemlink Partners and JPMorgan.