NEW YORK—Middle-market private equity firm Jordan Co., which recently acquired Polymer Solutions Group's Polymer Additives division from Arsenal Capital, has sold a separate chemical additives business to South Carolina-based Milliken & Co.
The Spartanburg, S.C.-based Milliken, a designer and manufacturer of chemical solutions across a range of industries, acquired Westlake, Ohio-based Borchers Group Ltd., which produces high-performance coating additives and catalyst solutions.
Terms of the deal, finalized Jan. 28, were not disclosed.
"We look forward to taking scientific leaps forward for our customers as we combine the strengths of Borchers and Milliken," said Russ Rudolph, senior vice president of Milliken's Chemical Division. "Borchers expands our reach and grows our technological expertise."
Borchers' portfolio includes the production of additives for coatings, inks and adhesives, offering "cobalt-free driers, dispersants, rheology modifiers, wetting agents, polymerization catalysts and adhesion promoters," according to a news release from Milliken.
"I'm thrilled to accelerate our commitment to innovation and sustainability with the acquisition of a company so aligned with our values," said Halsey Cook, president and CEO of Milliken. "Borchers brings particular technical expertise that will boost Milliken's strengths and propel our growth."
Specifically, Milliken provides solutions in the specialty chemicals, floor covering, health care, and performance and protective textiles industries, the company said.
Devlin Riley, president and CEO of Borchers, said the move to Milliken bodes well for the Ohio company.
"We are ecstatic about partnering with Milliken to further invest in our business, build out our global platform and continue providing innovative and satisfying solutions to our customers," Riley said.
According to Borchers, the company maintains manufacturing facilities in the U.S. and France, as well as technology and business development centers in the U.S., Germany, China and India.