Glen Oaks, Tecum Acquire StanChem Resins and Dux Coatings
Glen Oaks Capital and Tecum Capital have acquired StanChem Resins and Dux Coatings, creating a specialty-chemicals platform focused on water-based emulsion polymers and solvent-based protective coatings. Financial terms were not disclosed.
The businesses were acquired simultaneously in a carve-out transaction. Glen Oaks served as lead sponsor, while Tecum provided subordinated debt and equity capital. First Commonwealth Bank provided senior debt financing.
Based in East Berlin, Connecticut, StanChem Resins formulates and manufactures acrylic, vinyl-acrylic and styrene-acrylic emulsion polymers for architectural and industrial coatings, adhesives and sealants, nonwovens and other specialty applications.
Dux Coatings, based in Lodi, New Jersey, manufactures two-component urethane and epoxy coatings for tub and tile refinishing, automotive, woodworking, artistic and general industrial markets. The company markets more than 1,000 SKUs to more than 2,000 customers.
The existing senior management team will continue to lead the platform and is investing alongside Glen Oaks and Tecum. The investors said their capital will support continued investment in capacity, personnel and product development.
The transaction creates a platform spanning binder chemistry and finished protective coatings, making it relevant to coatings manufacturers following PCI’s paint and coating resins and polymers coverage.
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