Geneva Glen Capital Announces the Acquisition of Flow Polymers
PRESS RELEASE
FOR IMMEDIATE RELEASE
Chicago, January 6, 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 Polymers.
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.
About Geneva Glen Capital, LLC
Geneva Glen Capital is a Chicago-based private equity firm that invests in proven private companies with leading market positions, significant growth potential, and stable cash flows. GGC will consider control buyout transactions as well as minority growth capital investments and targets companies headquartered in the U.S. or Canada with EBITDA between $3 million and $20 million. The firm works closely with management teams to establish and execute on a clearly defined value creation and growth plan. The principals of GGC have extensive private equity experience and a family office-oriented fund structure which provide the ability to be flexible, creative and, if appropriate, long-term investors.
Jeff Gonyo
Managing Director
(312) 525-8501
jgonyo@genevaglencapital.com
Tom Wuellner
Principal
(312) 525-8503
twuellner@genevaglencapital.com
Adam Schecter
Managing Director
(312) 525-8502
aschecter@genevaglencapital.com