Investment Summary

Merit Capital Partners and Lenox Equity Partners Exits Crown Carbon

On November 1, 2022, Colonial Group invested in chemicals company Crown Carbon from Merit Capital Partners and Lenox Equity Partners

Investment Highlights
  • This is Colonial Group’s 1st transaction in the Chemicals sector.
  • This is Colonial Group’s 2nd transaction in the United States.
  • This is Colonial Group’s 1st transaction in Wyoming.
Investment Fate
  • Crown Carbon was divested to a consortium of strategic buyers in 2025.

Investment Summary

Date 2022-11-01
Target Crown Carbon
Sector Chemicals
Investor(s) Colonial Group
Sellers(s) Merit Capital Partners
Lenox Equity Partners
Deal Type Add-on Acquisition
Advisor(s) Grace Matthews (Financial)

Target

Crown Carbon

Gillette, Wyoming, United States
Crown Carbon specializes in the formulation and application of proprietary specialty chemicals involved in the handling of various raw materials for the coal, steel, and utility industries. Crown Carbon was founded in 1979 and is based in Gillette, Wyoming.

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Investor(S) 1

Investor

Colonial Group

Savannah, Georgia, United States

Category Company
Founded 1921
Sector Energy Services and Equipment
DESCRIPTION

Colonial Group is a diversified energy and port-related company. Colonial Group was founded in 1921 and is based in Savannah, Georgia.


DEAL STATS #
Overall 2 of 2
Sector: Chemicals M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
State: Wyoming M&A 1 of 1
Country: United States M&A 2 of 2
Year: 2022 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-01 International-Matex Tank Terminals - Georgia Terminals

Savannah, Georgia, United States

International-Matex Tank Terminals' Georgia Terminals provides energy services in Savannah, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-31 Crown Carbon

Gillette, Wyoming, United States

Crown Carbon specializes in the formulation and application of proprietary specialty chemicals involved in the handling of various raw materials for the coal, steel, and utility industries. Crown Carbon was founded in 1979 and is based in Gillette, Wyoming.

Sell -

Seller(S) 2

SELLER

Merit Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 2.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Merit Capital Partners is a private investment firm that targets investments in middle market manufacturing, distribution, and service based businesses. Merit looks for companies generating at least $20 million in sales and at least $4 million in EBITDA. Merit can provide both equity and junior capital financing and looks to commit at least $15 million per transaction. Prospective transaction situations include management buyouts, recapitalizations, growth financings, divestitures, unsponsored transactions, and ESOPs. Merit Capital will not invest in start-ups, turnarounds, real estate, specialty retail, or oil/gas opportunities. Merit Capital was originally known as William Blair Mezzanine Capital and became independent in 2004. Merit Capital Partners was formed in 1993 and is based in Chicago, Illinois.


DEAL STATS #
Overall 51 of 56
Sector: Chemicals M&A 5 of 5
Type: Add-on Acquisition M&A Deals 28 of 31
State: Wyoming M&A 1 of 1
Country: United States M&A 50 of 55
Year: 2022 M&A 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-30 Monarch Industries

Winnipeg, Manitoba, Canada

Monarch Industries is an integrated manufacturer and distributor of hydraulic cylinders and custom iron castings. Monarch serves the mobile agricultural, construction and industrial equipment markets. The Company’s products are sold primarily in North America, with a small but growing portion of sales in emerging markets. Customers include the major industrial equipment manufacturers. Monarch Industries was founded in 1935 and is based in Winnipeg, Manitoba.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-22 Rose Paving

Bridgeview, Illinois, United States

Rose Paving is a provider of professional preventative and restorative parking lot maintenance services to businesses throughout the U.S., Canada and Puerto Rico. Rose performs its services nationally through its six satellite offices and a network of 1,200 alliance members. Rose delivers its services to retail, hospitality, health care and apartment companies with multiple locations. Rose Paving was founded in 1969 and is based in Bridgeview, Illinois.

Sell -
SELLER

Lenox Equity Partners

Atlanta, Georgia, United States

Investor


Category Private Equity Firm
Founded 2006
Size Small
Type Sector Agnostic
DESCRIPTION

Lenox Equity Partners is a private equity firm focused on investing in late-stage, mature companies. Lenox looks for privately-held companies as well as non-core divestitures and is willing to invest across the capital structure, including common/preferred equity commitments and mezzanine debt. Target businesses generally have revenues of $10 to $25 million and EBITDA of $1 to $5 million. Sectors of interest include healthcare services, chemical/mineral products and processing, rubber/plastic products, metal fabrication, industrial/commercial machinery, electronics, measuring instruments, and value-added distribution. Lenox Equity Partners is based in Atlanta, Georgia.


DEAL STATS #
Overall 2 of 2
Sector: Chemicals M&A 1 of 1
Type: Add-on Acquisition M&A Deals 2 of 2
State: Wyoming M&A 1 of 1
Country: United States M&A 2 of 2
Year: 2022 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-05 ESP/SurgeX

Knightdale, North Carolina, United States

ESP/SurgeX is a manufacturer of power filtration and power protection technology for the office technology and mailing equipment industries.

Sell $130M