CPS Performance Materials Acquires FAR Chemical
NEW YORK/CLEVELAND — CPS Performance Materials (CPS) has acquired FAR Chemical (FAR) from Edgewater Capital Partners (Edgewater). Terms of the acquisition were not disclosed.
In 2017, Arsenal Capital Partners created CPS as a new platform focused on specialty polymers and chemicals focusing on high-value end markets through the acquisition of Cyalume Technologies.
FAR is an industry leader in the development and production of specialty organic chemicals for customers in industries including pharmaceuticals, composites, coatings, electronics, flavors, fragrances and personal care.
Jeremy Steinfink, President and CEO of CPS, said, "FAR's specialized chemistry capabilities in bromination, organometallics, and cryogenic reactions combined with safe and effective management of hard-to-handle materials are a nice complement to CPS. The combination of FAR with CPS's specialty chemical and cGMP manufacturing capability will enable us to broaden our offerings to pharmaceutical, advanced composites, CASE and personal care customers."
Sal Gagliardo, an Industry and Operations Partner of Arsenal and Chairman of CPS, commented, "The addition of FAR to CPS builds on our strategy to expand the breadth of our specialty chemicals platform with highly complementary capabilities and resources. The acquisition strengthens our technology offerings to both FAR's and CPS' customers and positions CPS for significant growth. We are delighted to have the FAR team join CPS."
Joe Beatty, CEO at FAR, added, "Our team at FAR Chemical is very pleased because the growth synergies are compelling. Combining our companies will result in an expanded suite of chemistries and capabilities, allowing us to provide enhanced product and service offerings to our customers and more opportunity for our suppliers. These two companies complement each other on a number of levels, from chemistries and capabilities to common customers and a focus on our key growth markets."
"Thank you to the FAR team for driving the growth and success during our ownership. We're excited to see the organization's continued success and believe the CPS platform will further strengthen FAR's ability to support its customers through its unique capabilities and chemistries," said Bob Girton, Partner at Edgewater.