Owner Resource Group Acquires Majority Interest in Chem Group
Austin, TX -- January 9, 2014 -- Owner Resource Group, LLC (“ORG”) announced today that it has acquired a majority interest in CHEM Group Holdings, Inc. ("CHEM Group" or the "Company").
CHEM Group is a leading technology-based specialty chemical company focused on the distillation of high boiling or heat sensitive materials for the automotive/heavy duty, agricultural, industrial and petrochemicals markets. The Company provides (a) outsourced chemical re-processing/reclamation services (generally tolling) for heat transfer fluids, amines, glycol products and other tolling compounds and (b) products including antifreeze, aromatic oils/pitch, glycerin, heat transfer fluids and diesel exhaust fluid, among others.
CHEM Group Founder and CEO Dave Carson, who will remain in his current role, noted that the partnership between CHEM Group and ORG will further strengthen and support the long-term success of the Company, adding, “ORG has a strong record of bringing capital and resources to accelerate the growth of companies like ours.”
Jon Gormin, Managing Director of Owner Resource Group added, “CHEM Group will make a great partner. The company is a leader in their industry. We’re proud to partner with Dave Carson and support the management team as they continue to grow the company and serve the Company’s outstanding customers.”
Founded in 1979 and headquartered in Evansville, Indiana, CHEM Group creates significant value for its customers through profitable reclaiming projects and for its vendors as a stable revenue source for materials that would otherwise be disposed of in waste facilities or released to the environment. The Company operates across three plant facilities in Evansville, Indiana; Troy, Indiana; and Hot Springs, Arkansas and has few competitors with the same breadth of specialty equipment investment and know-how in its area of expertise.
The transaction closed on December 31, 2013. Terms were not disclosed. Adveq, 747 Capital and Bowside Capital participated as co-investors in the investment. Cadence Bank provided the senior financing.