Charter Oak Equity Exits Chemres With Sale To Benvic
WESTPORT, Conn. and PRINCETON, N.J., Aug. 17, 2021 /PRNewswire/ -- Charter Oak Equity, LP, a private equity firm headquartered in Westport, CT, is pleased to announce the sale of Chemical Resources Inc. dba CHEMRES to Benvic Group, a portfolio company of European private equity firm Investindustrial. CHEMRES, headquartered in Princeton, NJ, is a custom compounder and global logistics provider of high-performance polymer materials, services and solutions. The company was founded in 1995 by Paul Keimig, who will remain the company’s CEO. Charter Oak Equity led a majority recapitalization in January 2019.
Thanking Charter Oak for their partnership, Keimig commented, “We appreciate everything the Charter Oak team has done to support our growth over the past few years. 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. The Charter Oak team also worked hand-in-hand with us to open new opportunities ranging from vendors to technology partners and customers and, ultimately, landing with Benvic as a long-term home for CHEMRES.”
Paul Roughan, Charter Oak Managing Partner, remarked, “The CHEMRES team’s customer-centric approach and command of its markets have yielded a reputation for manufacturing excellence and superior service among its client base and allowed the company to thrive even during times of volatile raw input prices. We wish Paul and the rest of the team the best of luck and continued success under new ownership.” Mark Ullman, Charter Oak Managing Partner, added, “We are proud to have assisted Paul and the CHEMRES team in accomplishing the objectives we jointly envisioned at the start of our partnership. Benvic recognized the company’s unparalleled medical-grade capabilities as providing a unique North American beachhead investment in the specialty polymer sector.”
Headquartered in Princeton, NJ, CHEMRES is a global supplier of commodity and engineering resins. For more than 25 years, CHEMRES has been servicing the medical, packaging and wire & cable markets using multiple manufacturing technologies. The company’s ISO 13485:2016 compounding facility in Chesapeake, VA has recently added capacity to support the growing demand. Located near the Norfolk International Terminals (NIT), the site offers easy access for imports/exports and transfer of material from sea containers to railcar, bulk truck and various packaging options.
ABOUT CHARTER OAK EQUITY
Charter Oak Equity and its predecessor funds have invested in private equity since 1992. Charter Oak focuses on niche manufacturing, packaging, medical products & services, specialty chemicals, consumer products and financial services companies up to $150 million in enterprise value. To date, over $500 million in control-oriented capital has been invested in 30 portfolio companies through over 50 acquisitions.
ABOUT BENVIC GROUP
Founded in 1963 and a portfolio company of Investindustrial since 2018, Benvic Group is one of the leading suppliers of thermoplastic solutions in Europe. From idea to realisation for its customers, Benvic develops, manufactures and markets innovative and highly customised thermoplastic solutions that are used in a wide range of applications, namely construction, medical, automotive, fluid transport, electro technical products, cables and food. Benvic has around 470 employees and currently operates a total of 8 production sites in France, Italy, Spain, Poland and UK. The group now exports to over 60 countries worldwide.
SOURCE Charter Oak Equity