Benvic Group, a portfolio company of European private equity firm Investindustrial, has purchased Chemical Resources Inc. dba Chemres from Charter Oak Equity LP, a private equity firm headquartered in Westport, CT. Chemres, headquartered in Princeton, NJ, is a custom compounder and global logistics provider of polymer materials and services. The company was founded in 1995 by Paul Keimig, who will remain the company’s CEO. Charter Oak Equity led a majority recapitalization in January 2019.
Keimig commented, “We appreciate everything the Charter Oak team has done to support our growth over the past few years. 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’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, remarked, “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. We wish Paul and the rest of the team the best of luck and continued success under new ownership.”
Mark Ullman, Charter Oak managing partner, added, “We are proud to have assisted Paul and the Chemres team in accomplishing the objectives we jointly envisioned at the start of our partnership. Benvic recognized the company’s unparalleled medical-grade capabilities as providing a unique North American beachhead investment in the specialty polymer sector.”