Fluid Logic LLC, a Portland, Ore.-based maker of colloidal silica, has sold its grinding and fabrication fluids business for brittle materials to Ferro Corp. (NYSE: FOE). No financial terms were disclosed. Fluid Logic is a portfolio company of Riverlake Partners.
Fluid Logic LLC, of Portland, Oregon announced today that it has sold its grinding and fabrication fluids business for brittle materials to Ferro Corporation (NYSE: FOE). Terms of the transaction were not released.
The primary products sold in the transaction include fluids used in the production of electronic components based on ceramic and quartz substrates, and advanced polishing fluids used for flat glass, precision optics, ophthalmic lenses, and specialty plastics.
“We believe Ferro represents an ideal platform that will enable Fluid Logic's differentiated products to address the broader global marketplace,” said Larry Lindland, President, Fluid Logic LLC. “Ferro is a world-class organization with significant customer service and support capabilities across a range of industries. We expect our customers to be the beneficiaries of these resources.”
“A significant component of all our exit decisions is based on an acquirer's strategic fit with our portfolio business. Ferro's broad customer network should be pleased with the additional line of products that Fluid Logic brings,” said Erik Krieger, Managing Partner, Riverlake Partners.
Fluid Logic LLC, a Riverlake Partners portfolio company, and its wholly owned subsidiary Silco2 International, will continue to manufacture ultra high-purity colloidal silica, nanotechnology-based products addressing a range of markets including semiconductor chemical and mechanical planarization (CMP), high-performance coatings and paints, catalyst support and applications within the paper industry.
“By divesting our grinding and fabrications business, we now can focus strategic efforts on our core advanced colloidal silica business aimed at the industrial and electronic materials businesses,” said Erik Krieger, Managing Partner, Riverlake Partners.
Riverlake has built a solid track record of working with smaller manufacturing and business service companies. The firm takes control position investments in companies with proven management teams and high-growth potential through a variety of leveraged buyouts, consolidation, recapitalization and growth financing transactions.
Fluid Logic LLC and Silco2 International LLC
Fluid Logic LLC formulates and manufactures a full line of fully synthetic grinding and fabrication fluids. These products are designed to solve specific grinding problems, such as diamond wheel life, foaming, edge quality, hard settling, wheel loading, and excessive fines retention in the fluid. The company's products address a range of end markets including automotive glass, flat glass, precision optics, ophthalmic lenses, ceramics and specialty plastics. The company was founded in June 1998 and received its first investment from Riverlake Partners in July 2005. For more information please visit www.fluidlogic.net.
Silco2 International LLC is dedicated to the development of colloidal silica and has evolved as a premier source of standard and custom, high-quality, low metals and ultra-pure silica sols. These products are based on mono-dispersed nano-scale particles ranging from 5 to 100 nanometers or larger. Market applications for the company's products include electronic materials, organosols, coatings, catalysts, investment casting, and paper products. For more information please visit www.silco-intl.com.
Riverlake Partners LLC
Riverlake Partners was founded in 2003 as a private equity sponsor focused on investing in manufacturing and business services companies located throughout the United States. Riverlake's strategy is to make leveraged control growth investments in smaller companies with definable and changeable growth characteristics, proven products and services, and capable management teams. Riverlake specializes in partnering with existing management teams to develop and execute a company's long-term growth strategy and consistently provide solid returns for all stakeholders. For more information please visit www.riverlakepartners.com.