Corporation is Recapitalized by SK Capital Partners

COSTA MESA, Calif., May 04, 2011 (BUSINESS WIRE) -- Calabrian Corporation, a leading manufacturer of sulfur chemicals and derivatives for the water treatment and food and beverage preservation industries, has been recapitalized by SK Capital Partners, a middle market private equity firm based in New York.

McGladrey Capital Markets initiated the transaction, sourced the buyer, led the negotiations, and acted as the exclusive financial advisor to Calabrian Corporation. Transaction terms were not disclosed.

"The inorganic water treatment chemicals industry is ripe for consolidation and the synergies in combining manufacturing and distribution assets, as well as consolidating product portfolios to create a one-stop supplier, are compelling," said Jay Kuo, vice president and head of McGladrey Capital Markets' Chemicals Investment Banking Group. "With proprietary production technologies, a fully integrated plant capable of producing a broad range of sulfur derivatives and a first-class senior management team, Calabrian is a great platform for SK to pursue this strategy." About SK Capital Partners SK Capital Partners is a transformational private investment firm focusing on acquiring assets in which its partners have deep industry knowledge through previous experience and investments, and deploying substantive operational strategies to unlock value and deliver superior returns. These industries include niche segments of the specialty materials, chemicals and healthcare sectors. SK Capital currently has two portfolio companies with combined revenues of approximately $3.0 billion and over 3,500 employees.

About Calabrian Corporation Calabrian Corporation is a leading supplier of sulfur dioxide and related derivatives used in wastewater treatment and other applications. The company manufactures sulfur dioxide and downstream derivatives such as sodium sulfite, sodium bisulfite, sodium metabisulfite and sodium thiosulfate in its integrated manufacturing facility in Port Neches, TX. Its products are used in a broad range of industrial and municipal wastewater treatment applications to achieve compliance with federal and local water regulations, as well as other specialty applications in personal care, pulp and paper processing, food preservation, oilfield production and disinfection. The company has been in business for over 40 years, establishing quality, service and reliability as its trademark.

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 many 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 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' international headquarters are located in Costa Mesa, Calif. The firm is a member of FINRA.

Fuji Food Products acquires Okami, Inc.

COSTA MESA, Calif.--(BUSINESS WIRE)--Fuji Food Products, Inc., a premier manufacturer and distributor of sushi and other ethnic food products, has acquired Okami, Inc., a provider of premium refrigerated gourmet ethnic meals.

McGladrey Capital Markets initiated the transaction, sourced the buyer, led the negotiations, and acted as exclusive financial advisor to Okami, Inc. Brette Simon of Jones Day LLP (Los Angeles) acted as legal counsel to Okami. Richard F. Marr of Rutan & Tucker, LLP (Costa Mesa, CA) acted as legal counsel to Fuji. Transaction terms were not disclosed.

“The transaction will bring together Okami and Fujisan, two highly recognizable and leading brands in the refrigerated gourmet prepared foods category,” said Brad Schreiber, senior managing director at McGladrey Capital Markets. “Acquiring Okami will expand Fuji’s brand portfolio, customer base and presence at retailers, while also allowing for significant synergies and efficiencies with regards to purchasing, production, distribution, sales and marketing.”

“We are excited about the merger of the two most trusted brands in the Asian Ready-to-Eat category,” commented Joe Marchica, President of Fuji. “By combining the strengths of both brands and operations, we will be able to provide our customers with the best and most innovative products, manufacturing, distribution and merchandising practices.”

About Fuji Food Products

Fuji Food Products, Inc. (www.fujifood.com) was founded in 1990 in San Diego, California as a family owned business offering fresh sushi as a deli item in local food markets. In 1998, the company expanded its operation by introducing fresh sushi to major retail chains, and embarked on a plan to make Fujisan a respected brand name throughout the United States and beyond. Acquired in 2009 by the Meruelo Group, Fuji Food Products, Inc. has become one of the fastest growing Sushi manufacturers and distributors of fresh Asian food items and other ethnic food products in the United States. Fuji currently supplies over 4,000 major supermarket and club format retail locations in over 44 states.

About Okami

For over 13 years, Okami, Inc. (www.okamifoods.com) has been providing premium refrigerated, gourmet ethnic meals that are enjoyed by consumers across the nation. Headquartered in Sun Valley, California, Okami was established in 1996 by two successful caterers that recognized the growing market for high-quality, prepared food products. Their mission was to identify emerging trends and tastes, and introduce to market fresh and unique products, with an extended shelf-life, that appeal to the most sophisticated consumers. Their success in accomplishing this mission continues to be one of the Company’s strengths to this day. Initially, Okami targeted the sushi sector as a niche market with significant opportunity and developed the first fresh-tasting, premium packaged sushi product with an extended shelf-life. Since that time, Okami has leveraged its success with sushi to expand its product line into other Asian and non-Asian specialty food products including Chicken Lettuce Wraps, Bao, Gyoza, Edamame, salads, sandwiches and more. The Company has established an exceptional reputation and a highly-recognizable brand. Okami’s sought-after products can be found at leading specialty food retailers, traditional grocery chains and club stores throughout the United States.

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 many 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 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’ international headquarters are located in Costa Mesa, Calif. The firm is a member of FINRA.

Spectrum Chemical divests Spectrum Pharmacy Products to The Harvard Drug Group

COSTA MESA, Calif. (May 07, 2010) – Spectrum Pharmacy Products, a business of Spectrum Chemical Mfg. Corp. (“Spectrum Chemical”), was acquired by The Harvard Drug Group, LLC (“Harvard Drug”), a portfolio company of Court Square Capital Partners (“Court Square”), a private equity firm based in New York, New York. Transaction terms were not disclosed.

McGladrey Capital Markets led the negotiations and acted as exclusive financial advisor to Spectrum Chemical. The transaction occurred on May 3, 2010.

Marc Hayem, CEO of Spectrum Chemical, comments, “We’re very happy with the sale of our pharmacy business to an industry leader such as The Harvard Drug Group. We’re confident that Harvard will continue providing our customers with same high quality products and services we’ve supplied in the past. At the same time we can redirect our management team’s full attention to our core laboratory chemicals and supplies space focus on serving scientists engaged in the discovery and development of regulated products.”

“This transaction is really a win-win situation,” said Jay Kuo, vice president at McGladrey Capital Markets’ Chemicals group. “The Harvard Drug Group will emerge as a key market leader in terms of size, product portfolio breadth and geographical coverage. At the same time, Spectrum can dedicate both the financial and human resources to continue growing their key Chemicals and laboratory supplies business, particularly in new product categories and international growth.”

About The Harvard Drug Group

Harvard Drug is the largest independent distributor of generic-focused pharmaceuticals, over-the-counter drugs, vitamins, supplements, medical supplies and compounding chemicals. The company sells to over 42,000 independent pharmacies, retail pharmacy chains, long-term care facilities, government facilities and buying groups in the United States, as well as Canada and select Global Markets through more than 100 sales representatives and partnerships with over 35 vendor partners. The company has headquarters in Livonia, Michigan.

About Spectrum Chemicals & Laboratory Products, a division of Spectrum Chemical Mfg. Corp.

Founded in 1971, Spectrum Chemicals & Laboratory Products manufactures and distributes fine chemicals and laboratory products with quality and delivery you can count on every time. Spectrum’s chemical offering consists of over 15,000 active pharmaceutical ingredients (API's), excipients, biochemicals, nutraceuticals, cosmetic ingredients, analytical reagents, and chemical solutions in research and production quantities. Spectrum also distributes nearly 80,000 supply and equipment items from over 200 manufacturers like Mettler-Toledo, Ohaus®, Corning, Denver Instrument, Hirschmann, Jencons, Microflex®, DynaMed®, Thermo Scientific, Wheaton Science Products, Kimble Chase, Health Engineering Systems, SPEX CertiPrep®, and LabChem. Spectrum's ISO 9000:2008 certified facilities are FDA registered and operate under current Good Manufacturing Practices (cGMP). To learn more about Spectrum visit www.SpectrumChemical.com

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 many 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’ international headquarters are located in Costa Mesa, Calif. The firm is a member of FINRA.

BASF divests Aurora Special Effect Films to RMS Packaging

RMS Packaging Inc. (“RMS Packaging”) has signed a definitive agreement to acquire the special effects films business - marketed under the trade name Aurora® - from BASF Corporation (“BASF”) today. BASF is a leading North American manufacturer of multi-layered iridescent films with its history and microlayer technology dating back to Mearl Corporation, which was acquired by Engelhard Corporation in 1996 and by BASF in 2006. The Aurora film products are used in specialty consumer packaging, labeling, decorative textile and glitter applications. The Aurora portfolio includes well-known brands such as Black Magic™, Garden Series™, ShimmerSilk™ and Gemtallic™. The Aurora specialty films are produced from BASF’s facility in Peekskill, New York, and Aurora is positioned as a leading line of premium, high-quality iridescent films for consumer packaging and labeling applications.

McGladrey Capital Markets LLC initiated the transaction, sourced the buyer, led the negotiations, and acted as the exclusive financial advisor to BASF.

“RMS Packaging is backed by a highly capable investor group with experience in both the film and packaging industries,” said Jay Kuo, vice president at McGladrey Capital Markets’ Chemical Group. “The divestiture of Aurora will allow BASF to redirect resources to focus on its core chemical manufacturing businesses, while allowing RMS Packaging the opportunity to continue the legacy that Mearl, Engelhard and subsequently BASF have built over decades of producing top quality films for iridescent film industry. This transaction will also allow RMS Packaging to pursue full commercialization of several promising new products, such as ShimmerSilk™ shrinkable iridescent film, for high-end textile applications and a biodegradable iridescent film,” Kuo added.

Sheldon Rosenberg, President and CEO at RMS Packaging, commented, “We are excited to have this opportunity to build a leading iridescent film business with roots from premier chemical manufacturers such as BASF and Engelhard. Our immediate goal is to invest in the Aurora brand and intensify marketing and product development efforts to pursue being a global leader in specialty films. We are committed to investing both the financial and human capital resources necessary to achieve long-term success in the specialty film industry, and look forward to working with our customers to offer new innovations and grow our businesses together.”

About RMS Packaging

RMS Packaging is a newly formed company dedicated to investing in and serving the specialty films industry. With its first platform acquisition of BASF’s Aurora Iridescent Films Business, the company seeks to be a leading high-quality supplier of specialty iridescent films on a global basis. RMS Packaging is founded by the Rosenberg family and its partners contribute a broad range of management and operational experience from various subsectors within the plastic films industry.

About BASF

BASF Corporation, headquartered in Florham Park, New Jersey, is the North American affiliate of BASF SE, Ludwigshafen, Germany. BASF has more than 15,000 employees in North America, and had sales of approximately $17.5 billion in 2008. For more information about BASF’s North American operations, or to sign up to receive news releases by e-mail, visit www.basf.com/usa.

BASF is the world’s leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics and performance products to agricultural products, fine chemicals, as well as oil and gas. As a reliable partner, BASF helps its customers in virtually all industries to be more successful. With its high-value products and intelligent solutions, BASF plays an important role in finding answers to global challenges, such as climate protection, energy efficiency, nutrition and mobility. BASF has approximately 97,000 employees and posted sales of more than €62 billion in 2008. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN). Further information on BASF is available on the Internet at www.basf.com.

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.

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.”

Renova Capital acquires IDT's Corbina Telecom

Supported this deal from the U.S. deal but most of the work was done by Deutsche Bank in Europe - Jay

March 3, 2006 - Newark, N.J., March 3, 2006 – IDT Corporation (NYSE: IDT, IDT.C) today announced that it has sold its Corbina Telecom business to a consortium of institutional and private investors headed by Renova Capital, for approximately $146 million (U.S. Dollars).  Corbina operates a licensed full-service telecommunications business in Russia, offering a broad range of services throughout the 24 largest industrial areas in the Russian market.  Deutsche Bank advised IDT on the sale.

IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to retail and wholesale customers worldwide. IDT Telecom, by means of its own international telecommunications backbone and fiber optic network infrastructure, provides its customers with integrated and competitively priced international and domestic long distance and domestic all-distance telephony and prepaid calling cards. IDT Entertainment is the IDT subsidiary that is focused on developing, acquiring, producing and distributing computer-generated and traditionally animated productions and other productions for the film, broadcast and direct-to-consumer markets. IDT Capital is the IDT division principally responsible for IDT's initiatives in radio broadcasting, brochure distribution and new technologies. Net2Phone, Inc., a subsidiary of IDT Corporation, is a provider of high-quality global retail Voice over IP services and offers a fully outsourced cable telephony service to cable operators allowing cable operators to provide residential phone service to their subscribers. IDT Corporation's Class B Common Stock and Common Stock trade on the New York Stock Exchange under the ticker symbols "IDT" and "IDT.C," respectively.

Important Note: In this press release, all statements that are not purely about historical facts, including, but not limited to, those include the words "believe," "anticipate," "expect," "plan," "intend," "estimate," "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent IDT's current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in IDT's most recent report on SEC Form 10-K (under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations"), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K and other filings IDT may make with the SEC.

AMPAC acquires GenCorp's In-Space Propulsion Business

Aerojet Completes Sale of the Former Atlantic Research Corporation In-Space Propulsion Business

GenCorp Inc. announced today that its Aerojet-General subsidiary (Aerojet) has completed the sale of the former Atlantic Research Corporation (ARC) in-space propulsion business to American Pacific Corporation for $3.5 million in cash and the assumption of certain liabilities.

In October 2003, Aerojet acquired the ARC propulsion business. As a condition to the Federal Trade Commission's approval of that transaction, Aerojet was directed to divest ARC's in-space segment. Aerojet's Redmond-based in-space business is not affected by the sale to American Pacific Corporation.

GenCorp is a technology-based manufacturer with positions in the aerospace and defense, real estate and pharmaceutical fine chemicals industries. Aerojet is a world-recognized aerospace and defense leader principally serving the missile and space propulsion, and defense and armaments markets. Additional information about GenCorp and Aerojet can be obtained by visiting the Companies' web sites at http://www.GenCorp.com and http://www.Aerojet.com .

Oxiteno (Ultrapar) acquires Berci Group (Canamex)

PETROCHEMICALS: Ultrapar to enter into Mexican market

from investNews

Data: 18/07/2003 13:00:00 [79 Palavras] 
Idioma: Inglês [ Traduza ] 
Autor: Gazeta Mercantil

SÃO PAULO, 7/18/03 - Ultrapar Participações has signed a contract worth US$11 million to buy the chemical division of the Mexican group Berci (Canamex). With the purchase, Ultrapar hope to increase their presence in the specialist chemicals sector in Mexico and create a production and distribution network for the United States. Canamex has 2 facilities in Mexico, with a production capacity of 52.8 thousand tones per year. Financial volume in 2002 was US$19 million. (Darren Links - Gazeta Mercantil/ Gustavo Viana)

Avecia acquires Synthon's Fine Chemicals Business

Avecia Acquires Carbohydrates-Based Chiral Technologies From Synthon Chiragenics

24 February 2003 00:00  [Source: ICB Americas]

This week, at the Informex trade show in New Orleans, La., Avecia will announce its acquisition of the pharmaceutical fine chemicals business of Synthon Chiragenics Corp., a Monmouth Junction, N.J., developer of carbohydrates-based chiral technologies. Terms of the deal have not been disclosed.

"This acquisition further extends Avecia's leadership in chiral technologies, adding new capabilities and technologies that complement our existing chiral tool kit, and broadening the range of added-value options for our customers," says Peter Jack-son, Avecia vice president, pharmaceutical products.

Avecia gains access to a variety of C-3, C-4 and C-5 chiral entities, among them the key chiral building block (S)-3-hydroxy-gamma-butyrolactone. Avecia also receives new business op-portunities that range from preclinical to launched compounds, and from chiral building blocks to the down-stream synthesis of active pharmaceutical ingredients, says a company spokesper-son. Customers include ma-jor, emerging and start-up pharma companies in North America, Europe and Japan.

Synthon retains rights to the technology for applications in drug discovery and development, including the synthesis of intermediates and active pharmaceutical ingredients, up to and including preclinical development.

Avecia will continue strategic deve-lopment work with Michigan State University, where the intellectual property behind the chiral building blocks was developed by Rawle Hollingsworth, founder of Synthon Chiragenics and a professor at the university.

"Avecia is well placed to bring to market the full technical and commercial value of this portfolio," says Synthon Chiragenics' CEO Scott Coleridge. "For Synthon, the transaction will release key resources that will accelerate our primary mission in drug discovery and development."

HIG / Chestnut Investments acquires Bayer's ChemDesign

FOR IMMEDIATE RELEASE

H.I.G. CAPITAL ANNOUNCES INVESTMENT IN CHEMDESIGN CORPORATION Miami, FL - March 31, 2002 - H.I.G. Capital announced today that it has acquired a significant equity stake in ChemDesign Corporation, based in Fitchburg, Massachusetts. ChemDesign is one of the top custom chemical manufacturing companies in the United States.  Founded in 1982 and with operations in Fitchburg, Massachusetts and Marinette, Wisconsin, ChemDesign is known throughout the industry as a leader in producing high-quality, complex custom chemical products for its clients.  Key specialty markets include photographic, agricultural, reprographic, plastic additive and paper coating chemicals. ChemDesign is led by John Van Hulle, former President of Cambrex's $200 million specialty chemical operations and a seasoned executive of the chemical industry.  Mr. Van Hulle's investment group, Chestnut Investments, acquired ChemDesign in December 2001 from its former parent company, Bayer AG.  H.I.G. has joined forces with ChemDesign to bring additional resources and capital to the Company as it embarks on a period of rapid growth. "ChemDesign is a terrific business that we were very excited to partner with" said Charles Hanemann, a Managing Director at H.I.G.  "ChemDesign is a leader in the custom specialty and fine chemicals market because it marries deep process capabilities with tremendous flexibility and rapid turn-around times for its customers.  We think there are a number of very exciting growth opportunities for the business -- both organically and through strategic acquisitions.  This growth will mean great things for the business, its employees and its customers."  About H.I.G. H.I.G. Capital is a leading private equity and venture capital investment firm with more than $1.5 billion of equity capital under management. Based in Miami, Florida, and with offices in Atlanta, Boston, and San Francisco, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of well-established, profitable, and well-managed manufacturing or service businesses, and in promising early-stage technology companies. Since its founding, H.I.G. has made more than fifty highly successful investments, acquiring companies with combined revenues in excess of $5 billion.