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Arsenal Capital to sell Genovique Specialties

Arsenal Capital Partners, a New York-based private equity firm, has entered into a definitive agreement with Eastman Chemical to sell its portfolio company Genovique Specialties, a provider of benzoate plasticizers.

Genovique Specialties is a producer of benzoic acid, sodium benzoate and specialty plasticizers that are performance based solutions for the adhesives and sealants, coatings, and PVC markets.

The company has benzoate esters manufacturing capabilities in North America, Europe and Asia.

Tim Zappala, chairman of Genovique and a partner of Arsenal Capital who co-heads the firm’s specialty chemicals and materials practice, says: "We are very pleased with the progress Genovique has made over the last three years following the implementation of a focused growth strategy. Importantly, the company has developed a strong R&D pipeline that will continue to deliver valuable new non-phthalate products going forward. The sale to Eastman is a natural progression of the company’s continued growth path and their global marketing and distribution capabilities will further expand the business globally."

Genovique today has annual revenues of USD135m with manufacturing sites in North America, Europe and Asia.

Ross McMillan, chief executive of Genovique, says: "We are very pleased with the support of Arsenal Capital who helped the executive team carry out the transformation of Genovique Specialties into a high growth, innovative, specialty chemicals company. Arsenal’s understanding of the chemical industry and their commitment to and support of my management team were instrumental in delivering the exceptional results the company has achieved over the last five years. We believe Eastman is an excellent choice to steward Genovique into the next phase of global development and growth."

The transaction is subject to customary regulatory approvals.

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