M&A Deal Summary

Calumet Acquires Bel-Ray Company

On December 10, 2013, Calumet acquired chemicals company Bel-Ray Company from Ironwood Capital

Acquisition Highlights
  • This is Calumet’s 1st transaction in the Chemicals sector.
  • This is Calumet’s 1st transaction in the United States.
  • This is Calumet’s 1st transaction in New Jersey.

M&A Deal Summary

Date 2013-12-10
Target Bel-Ray Company
Sector Chemicals
Buyer(s) Calumet
Sellers(s) Ironwood Capital
Deal Type Add-on Acquisition

Target

Bel-Ray Company

Farmingdale, New Jersey, United States
Bel-Ray Company, Inc. is an international, US-based, lubricant manufacturing company providing lubricants for the food and general manufacturing industries, the mining industry and the consumer light vehicle market.

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Buyer(S) 1

Buyer

Calumet

Indianapolis, Indiana, United States

Category Company
Founded 1916
Sector Energy Services and Equipment
Employees1,580
Revenue 4.2B USD (2023)
DESCRIPTION

Calumet is an independent producer of high-quality, specialty hydrocarbon products in North America. Calumet owns specialty and fuel products facilities primarily located in northwest Louisiana, northwest Wisconsin, northern Montana, western Pennsylvania, Texas, New Jersey, eastern Missouri and North Dakota. The Company owns and leases oilfield services locations in Texas, Oklahoma, Louisiana, Arkansas, Colorado, Utah, Wyoming, Montana, New Mexico, New York, North Dakota, Pennsylvania and Ohio. Calumet was incorporated in 1916 and is based in Indianapolis, Indiana.


DEAL STATS #
Overall 1 of 4
Sector (Chemicals) 1 of 1
Type (Add-on Acquisition) 1 of 4
State (New Jersey) 1 of 1
Country (United States) 1 of 4
Year (2013) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-26 Anchor Drilling Fluids

Tulsa, Oklahoma, United States

Anchor Drilling Fluids is an onshore drilling fluids and fluid handling service company in United States, providing engineered drilling fluid solutions and well site services to oil and natural gas land drillers. Anchor Drilling Fluids was founded in 1984 and is based in Tulsa, Oklahoma.

Buy $235M

Seller(S) 1

SELLER

Ironwood Capital

Avon, Connecticut, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1986
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Ironwood Capital is a private investment firm that makes equity and subordinated debt investments in lower middle-market companies. Investment proceeds are generally used to support leveraged buyouts, growth financings, and recapitalizations. Investments typically range from $10 to $40 million in companies generating $20 to $250 million in annual sales. Target sectors include healthcare products/services, value-added manufacturing, business services, consumer products, specialty distribution, and education. Ironwood prefers opportunities East of the Mississippi, but will selectively consider investments in the Western US. The Firm's investment horizon is three to five years. Ironwood Capital was formed in 2002 and is based in Avon, Connecticut.


DEAL STATS #
Overall 12 of 53
Sector (Chemicals) 2 of 3
Type (Add-on Acquisition) 9 of 32
State (New Jersey) 1 of 2
Country (United States) 12 of 53
Year (2013) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-18 DelStar Technologies

Middletown, Delaware, United States

DelStar Technologies is a manufacturer of thermoplastic nets, nonwovens, laminates, and extruded components used in filtration, automotive, healthcare, industrial, food, electronics and textile markets.We combine extensive extrusion operations, proprietary processing techniques, unparalleled expertise and flexible customization services to produce a wide range of products that meet both our customers' needs and their market demands.

Sell $232M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-01 Elite One Source Nutrisciences

Chino, California, United States

Elite One Source Nutrisciences is a contract manufacturer for nutritional and dietary supplements. The business draws on world class facilities across two locations and a deep and experienced team of formulators, chemists, natural product specialists, and particle engineers.

Buy -