Saiden Industries sells Halltech to Management

Costa Mesa, Calif. – December 03, 2008 – Scarborough, Ontario-based Halltech Inc., the Canadian subsidiary of Japan-based Saiden Chemical Industry Co., has completed a management-led buyout of the firm. Transaction terms were not disclosed.

McGladrey Capital Markets LLC led the negotiations and acted as exclusive financial advisor to Saiden. Davis LLP acted as the legal advisor to Saiden.

The sale of Halltech allowed Saiden to restructure its North American operations and place greater focus on its North Carolina subsidiary as a growth platform.  In addition, this transaction enables Saiden to reinvest its financial and management resources in high-growth East Asian markets.

About McGladrey Capital Markets

McGladrey Capital Markets LLC (www.mcgladreycm.com) is a global provider of investment banking services to private and public companies with annual revenues of up to $1 billion.  The firm’s services include mergers, acquisitions, divestitures, recapitalizations, capital raising, fairness opinions and restructurings.  McGladrey Capital Markets, which offers in-depth expertise in 13 distinct industry sectors, brings together companies, capital and creativity on a national and international scale to help clients achieve their personal and strategic objectives.

McGladrey Capital Markets is affiliated with RSM McGladrey Inc., a professional services firm providing accounting, tax and business consulting.  Both firms are indirect subsidiaries of H&R Block Inc. (NYSE: HRB), the world’s preeminent tax services provider.  McGladrey Capital Markets is also a member of RSM International, a worldwide network of professional services firms.

McGladrey Capital Markets’ international headquarters are located in Costa Mesa, Calif.  It also has offices in Chicago, Boston, Dallas, New York and London.  The firm is a member of FINRA and SIPC.

About Halltech

With over 70 years of history, Halltech (www.halltech-inc.com) manufactures polymer emulsions and adhesives for a wide variety of industries, including construction, packaging, furniture, automotive and more.  The company’s polymer emulsion products are based on various vinyl acetate homopolymer and copolymer emulsions, as well as a diverse set of styrene acrylic copolymer emulsions. Its adhesives segment produces a variety of pressure-sensitive adhesives based on environmentally friendly waterborne acrylic emulsions.  Halltech markets these products primarily to chemical manufacturers, construction-material producers and other end-users throughout North America.

About Saiden

Saiden is a leading Japanese emulsion polymer producer with international presence throughout East Asia and North America.

ConAgra acquires Saroni Sugar & Rice

Saroni Sugar & Rice Inc., a leading food ingredients distributor, was acquired by ConAgra Foods Food Ingredients, a subsidiary of ConAgra Foods Inc. Transaction terms were not disclosed.

McGladrey Capital Markets LLC initiated the transaction, sourced the buyer, led the negotiations and acted as exclusive financial advisor to Saroni. Irvine-based Palmieri, Tyler, Wiener, Wilhelm & Waldron LLP acted as the legal advisor to Saroni. McGrath North Mullin & Kratz, PC LLO acted as lead deal counsel for the buyer.

About Saroni

Founded in 1906 and based in Oakland, Calif., Saroni is a distributor and reseller of an array of food ingredients and bulk edible oils primarily to industrial customers. The company's high quality product offerings stretch across 20 food categories, largely centered around sugar, starch, flour, shortening and vegetable oils.

 

As the recognized and dominant ingredients distributor serving Northern and Central California, as well as Hawaii, Saroni has multidecade relationships with many of the largest suppliers in the world. Saroni's customer base is well diversified, with none of its 400 customers representing more than 4 percent of its annual revenues. ConAgra Foods Food Ingredients Company, based in Omaha, Neb., manufacturers and provides ingredients to the food industry.

About ConAgra Foods Food Ingredients, a subsidiary of ConAgra Foods, Inc.

ConAgra Foods Food Ingredients operates as a subsidiary of ConAgra Foods Inc. (NYSE:CAG), a Fortune 200 company. ConAgra offers branded, private label and customized food products such as meals, entrees, condiments, sides, snacks, and desserts across frozen, refrigerated, and shelf-stable temperature classes to customers operating in the retail and foodservice channels.

Its principal brands include Angela Mia, ACT II, Banquet, Blue Bonnet, Chef Boyardee, DAVID, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, Kid Cuisine, LaChoy, Libby's, Manwich, Marie Callender's, Orville Redenbacher's, PAM, Parkay, Rosarita, Slim Jim, Reddi-Wip, The Max, Ro*Tel, Snack Pack, Swiss Miss, VanCamp, andWesson.

Visit from Ueno Fine Chemicals

Thanks to Mr. Junya Honda, General Manager at Ueno, for sending me the picture.

Emerald Performance Materials acquires Wolstenholme Carbon Black Division

Emerald Hilton Davis Acquires Carbon Black Dispersions Manufacturer

Emerald Hilton Davis, LLC, a subsidiary of Emerald Performance Materials, LLC (“Emerald”), today announced that it has acquired the carbon black dispersions business and assets of Wolstenholme International Ltd. (“Wolstenholme”). Emerald is an affiliated portfolio company of Sun Capital Partners, Inc., a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies. Terms of the transaction were not disclosed. 

Wolstenholme is a premier manufacturer of carbon black dispersions for printing inks, coatings, plastics and other specialty applications that are marketed under the Obsidian®, Vantage®, Econojet®, Multijet®, Polyjet®, Optijet®, Ultrajet®, and Jetblack® brands. Wolstenholme’s manufacturing facility located in West Chicago, IL is included in the transaction. 

James Donnelly, Business Director, Emerald Hilton Davis LLC, stated, “The acquisition of Wolstenholme’s carbon black dispersions business helps us accomplish three important strategic goals. It broadens our water-based product offering, adds resin based black dispersions that we do not offer currently, and provides established customer relationships in our target markets. The fit is excellent and we are very enthusiastic about this acquisition.” 

Andrew Rink, Group Managing Director, Wolstenholme International Ltd., added, “The combination of Wolstenholme’s carbon black dispersions business with Emerald’s Hilton Davis unit provides a range of operating and growth opportunities for both businesses whilst enabling Rutland Partners LLP to realize a further part from its investment in the wider Wolstenholme group.” 

Christopher H. Thomas, Vice President, Sun Capital Partners, Inc., commented, “The addition of Wolstenholme will further increase Hilton Davis’ value proposition by expanding its product offering to both existing and target market segments and reflects our ongoing commitment to building Emerald’s growing franchise following the acquisition of CVC Specialty Chemicals, Inc., a leader in specialty epoxies, monomers, and catalysts for structural composites, adhesives, coatings and industrial applications earlier this year.”