|FOR IMMEDIATE RELEASE||
Chris Tofalli Public Relations, LLC
+1 914 834 4334
NEW YORK, October 3, 2016 - Arsenal Capital Partners (“Arsenal”) announced today that it has completed the sale of its portfolio company Kel-Tech Inc. ("Kel-Tech" or the "Company"), a manufacturer and supplier of specialty chemical products and services for onshore production, field stimulation, and drilling applications throughout the United States, to Clariant Corporation (“Clariant”). Financial terms of the transaction were not disclosed.
“We are pleased to have worked with the Kel-Tech organization in creating a leading player in the oilfield production chemicals market. During our partnership we successfully integrated the acquisitions of Kel-Tech and Danlin, augmented the organization with talent and strengthened the manufacturing facilities,” said Tim Zappala a Partner who co-heads Arsenal's Specialty Industrials group.
Departing Kel-Tech CEO Neil Harrop said, “Every Kel-Tech employee contributed to the success of the Company. We have built a business with differentiated products, leading customer service and technical expertise, which Clariant will take to the next level. I look forward to the Company’s next progression under Clariant’s ownership.”
“The long term outlook for North American oil production remains positive and Kel-Tech’s relationships and geographic footprint in the major oil basins position them well to take advantage of the industry trends. I am confident that the Company’s growth will accelerate with Clariant’s infrastructure and technology infusion," added Shawn Abrams, an Industry and Operating Partner in Arsenal's Specialty Industrials group.
Jones Day LLP acted as legal advisor to Arsenal and Kel-Tech.
About Arsenal Capital Partners
Arsenal Capital Partners is a leading New York-based private equity firm that invests in middle market specialty industrial and healthcare companies. Arsenal makes investments in sectors where the firm has significant prior knowledge and experience. Arsenal targets businesses that have the potential for further value creation, and works closely with management to accelerate growth by leveraging the firm’s industry focus and operational improvement capabilities. Arsenal currently manages $2.9 billion of committed equity capital. For additional information on Arsenal Capital Partners, please visit www.arsenalcapital.