Jan 7 2011
Geneva Glen Capital, LLC ("GGC"), a private equity firm headquartered in Chicago, IL, is pleased to announce the acquisition of Flow Polymers, Inc. (“Flow”).
Based in Cleveland, Ohio, Flow is a leading manufacturer of proprietary and custom chemical dispersions, process aids and homogenizing agents for the tire, automotive, industrial products, wire and cable, pharmaceutical and plastics markets as well as general industrial applications. Flow has been in business since 1984 and currently serves over 500 customers across more than 27 countries. The company has achieved a leadership position in its niche markets by employing a keen focus on developing unique additives and dispersions that improve manufacturing processes and extrusion rates, enhancing compatibility of dissimilar compounds and surface appearance as well as reducing viscosity, energy consumption and compound swell. Geneva Glen plans to support the company’s continued international growth, with a particular emphasis on the JBRICK countries, and the launch of new products in both the rubber and plastics markets.
“The global demand for Flow’s products coupled with its leadership position in its served markets made this an attractive investment opportunity for us,” stated Adam Schecter, Managing Director of GGC. Jeff Gonyo, Managing Director of GGC, added, “Flow’s management team members, who made significant personal investments in the transaction alongside us, are seasoned industry veterans with a stellar track record of financial performance, customer service and successful new product introductions.”
“We had a number of interested suitors to partner with us on the transaction and we chose Geneva Glen due to their commitment to get the transaction closed in a very short time period, the strategic value-add and financial resources they will provide to us as we continue to expand our business domestically and internationally and their understanding and appreciation of the key elements of our growth plan,” said Mike Ivany, CEO of Flow.
GGC acquired the business in partnership with management on December 31, 2010, which marks the first platform investment for its new fund that was launched in July, 2010. Terms were not disclosed. Flow Polymers seeks to acquire complementary rubber and plastic additives and dispersion businesses as part of its strategic growth plan.