|FOR IMMEDIATE RELEASE||
Chris Tofalli Public Relations, LLC
+1 914 834 4334
NEW YORK, November 10, 2003 - Arsenal Capital Partners, a private equity firm that invests in middle-market manufacturing and service companies, today announced the acquisition of Rutherford Chemicals from Cambrex Corporation (NYSE: CBM). Rutherford Chemicals is a niche provider of over 450 fine and specialty chemicals to a diverse group of customers in multiple end markets, including pharmaceuticals, agriculture, human and animal health, personal care, industrials, electronics, and telecommunications. The Company is the leading provider to most of the niche markets in which it serves and recorded revenues in excess of $130 million in 2002.
"We are extremely pleased to have Rutherford Chemicals as part of our portfolio of investments," said Barry B. Siadat, Managing Director of Arsenal, who will serve as Chairman of Rutherford Chemicals. "The company has numerous well established products, excellent core chemical production competencies, and significant opportunities to grow sales and expand margins. We are excited to work with this talented management team and will provide the necessary resources to profitably grow the business."
Keith Henderson, who will serve as President of the Fine Chemicals Division, said, "The Arsenal team has a deep understanding of our business, as many of their executives have had extensive senior leadership experience with major global chemical and pharmaceutical companies. We look forward to growing our existing business lines as well as working with Arsenal to pursue new avenues for growth."
Arsenal's other investments include Interdynamics, Inc., a leading supplier of specialty chemicals to the automotive aftermarket; Renaissance Mark, Inc., the largest North American provider of prime labels and brand imaging solutions for the packaging industry; and TallyGenicom Holdings, a leading provider of printing solutions for specialty printing applications, including consumables and hardware for several industrial niche markets.
About Rutherford Chemicals
The divestiture of Rutherford Chemicals by Cambrex Corporation follows their stated shift in focus from specialty chemicals to the life sciences sector. Rutherford Chemicals is a leading manufacturer of specialty and fine chemicals sold to the human and animal health, agriculture intermediate, polymer, coatings, personal care, and telecommunications industries.
About Arsenal Capital Partners
Arsenal Capital Partners is a $300 million New York-based private equity firm that makes control investments in manufacturing and business service companies that offer significant opportunities for growth and productivity gains. The firm invests where it has substantial prior experience and broad operating and functional expertise that can support management teams to drive growth and improve productivity. More information about Arsenal is available at www.arsenalcapital.com.