Private investment firm SK Capital Partners has completed the acquisition of DB Western, Inc – Texas, a technology-driven producer of formaldehyde and derivatives.
The company’s La Porte, Texas, plant is the largest merchant market plant in North America serving a variety of applications including oilfield, refineries and petrochemicals.
The company will be renamed Foremark Performance Chemicals.
Jack Norris, a managing director of SK Capital, says: “Foremark represents a compelling opportunity to own an industry leader with proprietary, best-in-class production capabilities that provides critical building block chemicals to a growing blue-chip customer base with diversified end market exposure. The investment is consistent with SK Capital’s strategy of investing in niche market leaders in segments where the firm has significant industry, operating and ownership experience.”
Norris says: “We will seek to transition the company from a product orientation to a leader of intermediates and derivatives for oilfield refineries and petrochemical customers. To lead that effort, we are pleased to welcome Randy Owens back to the SK Capital team as the new CEO of Foremark. Randy previously served as CEO of one of our prior portfolio companies, Calabrian Corporation, which we successfully exited last year. Randy brings over 28 years of specialty chemicals experience in relevant end markets and has a strong track record of executing similar investment strategies.”
