Materials companies and brands have changed hands in 2021
In other notable second-half materials offerings:
• Trusscore of Palmerston, Ontario purchased the assets of Westech Building Products Inc. from Westlake Chemical Corp. of Houston. Trusscore manufactures PVC-based wall and ceiling panels and needed machinery and labor. Westech extrudes PVC profiles for windows, doors and other products, including a dock and deck system.
• AOC Resins, based in Schiphol, the Netherlands, manufacturer of unsaturated polyester resins, vinyl ester and other materials, has been sold by CVC Capital Partners to Lone Star Funds, based in Dallas.
• As part of a bioplastics deal, PHA producer Danimer Scientific Inc. acquired Novomer Inc., a biotech company with proprietary technology, in a cash transaction valued at $152 million of dollars.
• Westlake was embroiled in another deal when it bought Dimex LLC, a Marietta, Ohio-based maker of compounds and recycled products with annual sales of about $100 million.
• As part of an agreement between two investors active in plastics, Wind Point Partners sold processor Aurora Plastics LLC to Nautic Partners. Aurora is a PVC and thermoplastic elastomer compounder based in Streetsboro, Ohio. Nautic of Providence, RI, made the acquisition in partnership with Aurora management.
• French compounder Benvic Group has entered the US market by acquiring materials company Chemres LLC, based in Princeton, NJ, for an undisclosed price. Officials said the acquisition of Chemres will allow Benvic to increase its exposure to the medical sector, enabling the company to become a key global supplier in this market. Benvic quickly followed the Chemres deal in early 2022 by acquiring Trinity Specialty Compounding of West Unity, Ohio. Benvic has now made 10 acquisitions in four years.
• Frequent plastics investor Spell Capital Partners LLC bought Duromer Products Pty. of Australia and DuroColour Vietnam Ltd. from Vietnam. Duromer manufactures custom polymers and compounds. DuroColour is a regional manufacturer of colorant masterbatches for the automotive, construction and textile markets.
• Materials manufacturer Polytek Development Corp. acquired Specialty Resin & Chemical LLC for an undisclosed price. Polytek, based in Easton, Pennsylvania, manufactures specialty polymers for coating, mold-making and casting applications, and is owned by New York-based investment firm Arsenal Capital Partners. Specialty R&C of Dowagiac, Michigan, manufactures polyurethanes and epoxy resins for mold making, casting, and coating products.
• European PVC manufacturer Kem One Group has been sold to financial giant Apollo Global Management. Apollo of New York purchased Kem One of Lyon, France from Alain de Krassny, president and majority owner of the company. Kem One operates nearly 2 billion pounds of annual PVC resin capacity and manufactures related products at eight sites in France and Spain. The company of 1,400 employees was separated from the Arkema group in 2014.
• Eastman Chemical Co. took a step forward by acquiring Matrix Films LLC. Matrix, based in Holliston, Mass., markets PremiumShield branded performance films, including an extensive line of automotive film designs.
• Materials supplier Epsilyte Holdings LLC expanded into expandable polystyrene with its acquisition of StyroChem Canada Ltd. Epsilyte purchased StyroChem from PMC Capital Partners LLC of Sun Valley, California, which had owned StyroChem since 2019. StyroChem’s headquarters are in Baie d’Urfé, Quebec. Its EPS is used in the packaging, catering and construction markets. Epsilyte, based in The Woodlands, Texas, is owned by private equity firm Balmoral Funds LLC and Los Angeles management.
• Niche Polymer acquired Westchester Plastics and Fluoropolymer Products, two companies based in Nesquehoning, Pennsylvania. Niche is part of a group of businesses owned by the Naik family that operate in the recycling and compounding of plastics. Fluoropolymer Products specializes in heat exchangers. Westchester Plastics, also known as Ametek Westchester, is a custom processor of engineering resins, alloys, blends and reactive modifiers.
• PolyQuest Inc. acquired the US division of Faith Group Co. in a transaction that expands its resin distribution business. PolyQuest of Wilmington, NC, is a leading distributor of PET resin. Faith Group Co. was founded in 1993 focusing on the PET business and has grown over time to include other resins.
• As part of another resin distribution agreement, Bamberger Polymers acquired Kolm Polymers Ltd. of The Woodlands, Texas.
• Houston-based Ascend Performance Materials completed its first transaction in Latin America by purchasing a blending plant in central Mexico owned by DM Color Mexicana SA de CV.
• Extrusion company Pexco LLC moved upstream by acquiring Performance Elastomers Corp. of Ravenna, Ohio. PEC manufactures dense and spongy elastomeric products, including rubber-based and thermoplastic elastomers. The deal is Pexco’s ninth overall since 2018. The company was No. 19 in the most recent PN ranking of North American pipe, profile and tube extruders, with estimated sales of $250 million.