1/24/2007
HUNTINGTON, N.Y. AND DALTON, G.A.--January 24, 2007--CLB Partners, LLC, of Huntington New York is pleased to announce their participation in the recapitalization of Fibro Chem, Inc. by an investor group led by CLB Partners in conjunction with the present owners and management. Financial terms of the transaction were not disclosed. The recapitalization will facilitate accomplishment of Fibro Chem's strategic plan to diversify and achieve greater scale via both organic growth and targeted acquisitions.
Founded in 1975, Fibro Chem manufactures specialty chemicals designed for use in a variety of industrial applications. The company's products are primarily used in the production of carpet and textiles, and as ingredients in HI&I, personal care, metalworking and paper chemicals. Carpet related products include extrusion lubricants, staple fiber over-sprays, softeners and carpet dyeing and finishing auxiliaries.
Headquartered in Dalton, Georgia, the products resulting from the company's research and development efforts are made commercially in their modern, well equipped production facility. Fibro Chem has spent the past nine months solidifying its organic growth platform by creating two new product divisions that primarily focus on specialty components and performance product formulations, such as silicone materials, foam control agents and derivatized silicone polymers. These products are used in coatings, adhesives, sealants, personal care, textile, wastewater treatment and other industries.
Fibro Chem's existing management team will continue to lead the company with the company founder, Jim Cleghorn, retaining a significant ownership share. In addition to Mr. Cleghorn, who will be in charge of Fibro Chem's traditional business in the role of Vice President and General Manager, the team includes Mike Hayes, CEO and President; Calvin Shaw, Vice President; Roman Radekevich, General Manager of the XL Performance Chemicals Division; Kevin Hrebenar, Technical Director; and Jeff Parkinson, General Manager of the Innovative Specialties Division.
Peter J. Hughes, a Managing Principal of CLB Partners, said: "Fibro Chem has a demonstrated history of strong customer focus, outstanding supplier relationships and the ability to provide value-added formulations to meet specific needs. With an established culture, infrastructure, and strong management, the company's growth will come from both internal initiatives and strategic acquisitions. We look forward to working with the highly respected and experienced Fibro Chem management team."
Mr. Cleghorn said: "We are very pleased to associate ourselves with CLB Partners. We look forward to working with CLB and leveraging their resources to further grow and diversify our company while creating additional value for our loyal customers, employees, and vendors. Our focus will continue to be on value-added service and product innovation."
About CLB Partners, LLC
CLB Partners, LLC specializes in providing financial advisory and investment banking services to the middle market, an area traditionally under served by Wall Street investment banks. Specifically, CLB has partnered with several leading commercial banks and global financial institutions to bring its experience and expertise in mergers and acquisitions, capital structure analysis, enterprise valuation and strategic advisory to benefit middle market companies. Founded in 1991, the firm is headquartered in New York and maintains offices in Boston, Charlottesville and Miami. For more information please call 631/425-0710 or visit the CLB Partners web site at www.clb-partners.com.
CONTACT: CLB Partners, LLC, Peter J. Hughes or Alex J. Abreu, 631/425-0710. Fibro Chem LLC, Mike Hayes 706/278-3514.
Press Releases
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