BOUND BROOK, NJ – CPS Performance Materials (CPS) announced the acquisition of GEO Specialty Chemicals (GEO). CPS is a portfolio company of Arsenal Capital Partners (Arsenal). Terms of the acquisition were not disclosed.
GEO is a diverse supplier of specialty chemicals and materials to the coatings, adhesives, medical, water treatment and construction markets. The company operates in three divisions – Paints & Coatings, Water Treatment and Specialty & Construction – with leading positions in its primary chemistries from 19 production sites in the United States and Europe.
In the recent past, GEO has undertaken a number of expansions to increase its presence in the markets of materials for contact lenses, additives for oil and gas drilling, and municipal and industrial water treatment. This builds upon GEO’s position in methacrylate chemistry, where it is a leading supplier to the global coatings and adhesives markets.
Jeremy Steinfink, President and CEO of CPS, said, “GEO significantly adds to the scale of CPS and positions us well in a number of growing end markets. Our strategy will focus on investing in GEO’s businesses, which complement many of CPS’s existing positions in attractive end markets such as C.A.S.E. additives, specialty chemicals for pharma and medical uses, nutrition, personal care, and a wide range of industrial applications. We see opportunities to expand across the portfolio where we can leverage our chemical expertise and continue to be a reliable commercial partner.”
Ken Ghazey, CEO of GEO who will join the Board of Directors of CPS, said, “CPS is a great fit for our employees and business partners. I look forward to working with Arsenal and the CPS team to continue to build the platform.”
Sal Gagliardo, an Operating Partner of Arsenal and the Chairman of CPS, commented, “The addition of GEO to CPS builds on our strategy to expand the breadth of our specialty chemicals platform with highly complementary capabilities and resources. The acquisition strengthens CPS’s technology offerings to both GEO’s and CPS’s customers and positions CPS for significant growth. We are delighted to have the GEO team join CPS.”