- CapitalWorks Exits Chemtron
Cleveland, Ohio - Cleveland private equity firm CapitalWorks, LLC announced the sale of Chemtron, a leading hazardous and non-hazardous waste management provider in the Midwest to Kinderhook Industries, LLC. Terms of the deal were not disclosed.
CapitalWorks acquired Chemtron in 2015 from the Guenther Family and partnered with them to further expand the Company’s capabilities and geographic reach. This expansion included the acquisition of Chemical Pack Services as well as adding an additional RCRA permitted facility in Bedford, Ohio, a railcar cleaning operation in Niagara Falls, NY and a sales office on the East Coast.
“CapitalWorks assembled a world class advisory board that provided guidance on strategy and helped recruit seasoned managers to compliment the team I had in place. These moves ultimately allowed the Company to not only grow but to transition the leadership to the next generation” said Ron Guenther, founder and retired CEO “I’m extremely pleased that my two sons as well as the rest of the current management team will have the opportunity to invest in the new partnership with Kinderhook Industries and be part of Chemtron’s next chapter of growth.”
Mikel Harding, Managing Director of CapitalWorks, remarked, “Chemtron has been a great opportunity for CapitalWorks to collaborate with the Guenther family, the management team and our advisor network. The transition of a family business is not always easy but we worked hard to establish goals and objectives that everyone could embrace and strive to achieve and we feel that effort paid off for all parties with this transaction.”
CapitalWorks, LLC was advised on the transaction by Brown, Gibbons, Lang & Company and legal counsel was provided by Benesch, Friedlander, Coplan & Aronoff LLP.
Kirkland & Ellis LLP served as legal counsel to Kinderhook. Financing for the transaction was provided by Comerica Bank.
CapitalWorks, LLC (capitalworks.net) is a Midwestern private equity firm that encourages its knowledgeable investors to partner with it in finding, vetting and owning companies. Based in Cleveland, Ohio, CapitalWorks acquires lower middle-market companies in niche manufacturing, value added distribution, and business services industries and gives them the capital, support and freedom to grow. Recent acquisitions include Essco, Libra Industries, Ohio Blow Pipe, and C&M Conveyor. Founded in 1999, the firm's investors are primarily successful entrepreneurs and executives who contribute to the evaluation of investment opportunities and ongoing governance of those investments.
Dick Hollington Managing Director, CEO CapitalWorks, LLC Todd Martin Managing Director CapitalWorks, LLC Mike Harding Managing Director CapitalWorks, LLC