Geneva Glen Capital Announces Sale of Flow Polymers
PRESS RELEASE
FOR IMMEDIATE RELEASE
Chicago, February 22, 2016 – Geneva Glen Capital (”GGC”) today announced the sale of Flow Polymers, LLC (“Flow Polymers”) to Polymer Solutions Group, a specialty polymers and additives platform owned by Arsenal Capital Partners.
Flow Polymers is a leading manufacturer of proprietary and custom chemical dispersions, process aids and homogenizing agents for tire, automotive, industrial products, wire and cable and plastics markets. Headquartered in Cleveland, Ohio, Flow Polymers operates two chemical manufacturing facilities and serves over 500 customers across more than 30 countries. GGC acquired Flow Polymers at the end of 2010 in partnership with the existing management team, led by President and CEO Mike Ivany, to execute on a robust growth plan. Under Ivany’s leadership, the company nearly doubled earnings organically over five years through significant international expansion and the introduction of new products and raw material sources.
Mike Ivany said, “GGC was a true partner to me and the rest of the management team. During our tenure together, the company benefited significantly from the ongoing support and guidance provided by the GGC team. While we are excited to transition to the next chapter at Flow Polymers, the relationship that we built with the principals at GGC will be enduring.” Adam Schecter and Jeff Gonyo, the founders and Managing Directors at Geneva Glen Capital, added, “We are extremely grateful for the tremendous efforts put forth by Mike Ivany and the entire Flow Polymers management team. Individually, and as group, they consistently found creative and resourceful avenues to grow revenue and expand margins. It is always a joy to have a great result with an investment, and in particular, see a management team with the quality and integrity of Flow achieve a well-deserved financial result for themselves and the company’s investors.”
GGC and Flow Polymers were advised by Katten Muchin Rosenman. KeyBanc Capital Markets acted as financial advisor to Flow Polymers. Terms of the transaction were not disclosed.
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 targets companies headquartered in the U.S. or Canada with EBITDA between $3 million and $20 million. GGC invests up to $50 million of equity in each investment and 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 unique evergreen fund structure that allows us to pursue control and minority investments, employ creative deal structures, and optimize liquidity decisions without being beholden to fundraising considerations.
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