NEW YORK—CPS Performance Materials completed its acquisition of Far Chemical, a developer and producer of specialty organic chemicals, from Edgewater Capital Partners.
The terms of the acquisition were not disclosed, according to a CPS news release.
Arsenal Capital Partners created CPS, a specialty chemicals manufacturer, as a new platform focused on specialty polymers and chemicals through the acquisition of Cyalume Technologies.
Far's chemistry capabilities in bromination, organometallics and cryogenic reactions are a complement to CPS, according to Jeremy Steinfink, CPS president and CEO. The combination will allow CPS to broaden its offerings to pharmaceutical, advanced composites, CASE and personal care customers.
The addition builds on CPS's strategy to expand the breadth of its specialty chemicals platform with complementary capabilities and resources, and strengthens technology offerings, Sal Gagliardo, industry and operations partner of Arsenal and CPS chairman, said in a statement.
The growth synergies between the two companies are compelling, Far CEO Joe Beatty said in a statement.
Far, located in Palm Bay, Fla., produces chemicals for customers in industries including pharmaceuticals, composites, coatings, electronics, flavors, fragrances and personal care. Edgewater is located in Cleveland.
CPS, headquartered in Ft. Lauderdale, Fla., covers pharmaceutical, medical, commercial and military markets. It has manufacturing locations in West Springfield, Mass., Bound Brook, N.J., and Aix-en-Provence, France.