Private equity firm Charter Oak Equity, LP recently announced that it has sold Chemical Resources Inc. (CHEMRES) to Benvic Group, a portfolio company of Investindustrial, according to a press release.
Headquartered in Princeton, New Jersey, CHEMRES produces high-performance polymer and resin materials for supplies across the globe. The company was established in 1995 by Paul Keimig, who will remain the company's CEO.
"We appreciate everything the Charter Oak team has done to support our growth over the past few years," Keimig said in a statement. "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 Equity led a majority recapitalization of the company in January 2019.
"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, responded and wished Keimig and the company well on their future endeavors.
"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," Paul Roughan, Charter Oak Managing Partner, said in a statement. "We wish Paul and the rest of the team the best of luck and continued success under new ownership."
Established in 1963, Benvic Group is a thermoplastic solutions supplier that exports worldwide from production sites in the UK, Poland, Italy, Spain and France.
The company currently exports to more than 60 countries worldwide.