DENVER, June 27, 2017 (GLOBE NEWSWIRE) -- Platte River Equity announced today that it has acquired MFG Chemical (“MFG” or the “Company”) in partnership with the Charles E. Gavin, III Family and management. Headquartered in Dalton, GA, MFG is a specialty chemical manufacturer of polymers, surfactants and esters used in various applications in the oil field, water treatment, mining, coatings and agricultural markets.
“For almost 40 years, MFG has leveraged its differentiated position in maleic anhydride and glacial acrylic acid to develop and manufacture new products in partnership with our customers to better serve their needs,” said Founder and Chairman of MFG, Charles E. Gavin, III. “We believe that Platte River is the right partner to help us accelerate the Company’s growth in adjacent chemistries and new markets,” added Keith Arnold, CEO of MFG.
“We were attracted to MFG because of its strong reputation as a value-added, niche supplier to small and global chemical companies. We welcome MFG to the Platte River portfolio and look forward to partnering with Keith Arnold and his leadership team to take full advantage of the available growth opportunities,” said Kris Whalen, Managing Director of Platte River.
Platte River invested out of its third fund, Platte River Equity III, L.P., to acquire MFG. Bartlit Beck Herman Palenchar & Scott LLP served as legal counsel to Platte River. Monroe Capital provided financing for the transaction. Grace Matthews served as sell-side advisor to MFG.
About Platte River Equity
Based in Denver, Colorado, Platte River Equity is a private equity firm focused on equity investments from $20 million to $80 million in lower middle market operating companies with enterprise values generally between $40 million and $250 million. The firm invests in sectors where it has deep operating and investing experience, including aerospace & transportation; energy & power; agriculture & chemicals; and metals and minerals. Platte River has raised funds with committed capital in excess of $700 million.
About MFG Chemical
Founded in 1981 and based in Dalton, GA, MFG is a specialty chemical manufacturer of polymers, surfactants and esters used in various applications in the oil field, water treatment, mining, coatings, agricultural and other industrial markets.
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Source: Platte River Equity