Divestiture • Chemicals

Buckingham Capital Partners, Smith Whiley & Co. and Prospect Capital Management Acquire VanDeMark

On June 17, 2007, private equity firm Buckingham Capital Partners, Smith Whiley & Co. and business development company Prospect Capital Management acquired chemicals company VanDeMark

Acquisition Context
  • This is Buckingham Capital Partners’ 3rd, Smith Whiley & Co.’s 1st and Prospect Capital Management’s 2nd transaction in the Chemicals sector.
  • This is Buckingham Capital Partners’ 8th, Smith Whiley & Co.’s 3rd and Prospect Capital Management’s 24th transaction in the United States.
  • This is Buckingham Capital Partners’ 2nd, Smith Whiley & Co.’s 1st and Prospect Capital Management’s 2nd transaction in New York.
Investment Fate
  • VanDeMark was sold to a consortium of financial buyers in 2012.
  • VanDeMark was sold to a consortium of financial buyers in 2019.

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M&A Deal Summary

Date June 17, 2007
Target VanDeMark
Sector Chemicals
Buyer(s) Buckingham Capital Partners
Smith Whiley & Co.
Prospect Capital Management
Deal Type Divestiture
Advisor(s) League Park Advisors (Financial)

Target Company

VanDeMark

Lockport, New York, United States
VanDeMark is a provider of specialty and custom chemicals focusing on phosgene production and phosgene-related chemistry. These products are used in pharmaceuticals, agricultural chemicals, polymers, sealants, coatings, and biocides. VanDeMark was founded in 1951 and is based in Lockport, New York.
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Buyers Overview 3

Buyer

Buckingham Capital Partners

New York, New York, United States

Category Private Equity Firm
Founded 2004
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Buckingham Capital Partners is a private investment firm specializing in leveraged buyouts and recapitalizations of middle-market industrial and manufacturing companies. Buckingham looks to makes control equity investments of $2 to $15 million in companies valued up to $100 million. Buckingham prefers to invest in companies headquartered in the US. Prospective businesses generally have stable cash-flows and are strong competitors in the markets they serve. Buckingham Partners was formed in 2003 and is based in New York City.


Deal Context for Buyer #
Overall 8 of 10
Sector: Chemicals 3 of 4
Type: Divestiture 2 of 2
State: New York 2 of 2
Country: United States 8 of 10
Year: 2007 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-16 CPAC

Leicester, New York, United States

CPAC, Inc. is a chemicals, silver recovery equipment, and supplies used in photo development processing.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-14 Calwax

Irwindale, California, United States

Calwax is a blender and wholesale distributor of wax and wax products for a broad range of industrial and commercial uses. The company provides custom wax applications to domestic and international companies in a number of niche markets, including candle, cosmetic, casting, dental, wine and packaging.

Sell -
Buyer

Smith Whiley & Co.

Hartford, Connecticut, United States

Category Private Equity Firm
Founded 1994
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Smith Whiley & Co. is a generalist private equity firm focused on equity and subordinated debt investments in mid-sized businesses located throughout the US. Smith Whiley was formed in 1994 and is based in Hartford, Connecticut.


Deal Context for Buyer #
Overall 3 of 9
Sector: Chemicals 1 of 1
Type: Divestiture 1 of 1
State: New York 1 of 1
Country: United States 3 of 9
Year: 2007 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-01 Tooling Tech Group

Fort Loramie, Ohio, United States

Tooling Tech Group is a supplier of high-quality tooling for a variety of material forming processes including: thermoforming, twin-sheet and single-sheet vacuum forming, pressure forming, compression molding, rotational molding, blow molding, resin transfer molding, rubber and polyurethane molding, carpet and metal stamping, foundry tooling and pulp molding. The full range of in-house capabilities, including patterns, models, cast tooling, finishing, CNC machining as well as design and engineering, provides customers with a complete, one-stop solution for their tooling needs. Tooling Tech Group was formed in 1982 and is based in Fort Loramie, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-01 Acme Industries

Elk Grove Village, Illinois, United States

Acme Industries specializes in the precision machining of large parts, with computer-controlled machining centers capable of handling parts up to 8,000 pounds. Acme’s value-added services include design, engineering, precision machining and prototype machining. Major customers include the Electromotive Division (EMD) of General Motors, Deere and Company and Allison Transmissions. Acme Industries was formed in 1948 and is based in Elk Grove Village, Illinois.

Buy -
Buyer

Prospect Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Business Development Company
Founded 1988
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Prospect Capital Corporation is a publicly traded mezzanine debt and private equity firm that primarily provides non-control financing to support growth, recapitalizations, acquisitions, and development. Prospect will selectively consider control acquisitions by providing multiple levels of the capital structure. Prospect was initially formed in 1988 and went public 2004. The Firm is based in New York City.


Deal Context for Buyer #
Overall 25 of 86
Sector: Chemicals 2 of 4
Type: Divestiture 1 of 2
State: New York 2 of 4
Country: United States 24 of 83
Year: 2007 7 of 18
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-12 The Healing Staff

San Antonio, Texas, United States

The Healing Staff, Inc. ('THS') is a medical staffing solutions firm located in San Antonio, Texas. Founded in 1999, THS works alongside the U.S. Government to provide federal government agencies across 25 states with experienced outsourced professionals from all sectors within the healthcare industry, including physicians, clinical nurses, technicians and pharmacists.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-29 R-V Industries

Honey Brook, Pennsylvania, United States

R-V Industries is a diversified engineering and metal fabrication company with three facilities in and around Honey Brook, Pennsylvania. R-V Industries designs, machines, and welds metal components and assemblies. Customers are primarily U.S. companies operating in the power generation, paper mill, life sciences, and petrochemical industries. R-V Industries was founded in 1974 and is based in Honey Brook, Pennsylvania.

Buy -