Goldner Hawn sells Stellar to Clearlake-backed Unifrax

Goldner Hawn has sold Stellar Materials to Unifrax, a portfolio company of Clearlake Capital Group, L.P. No financial terms were disclosed. Based in Boca Raton, Florida, Stellar is a provider of specialty chemicals and materials.


MINNEAPOLIS, Minn. – Goldner Hawn announced the sale of Stellar Materials (“Stellar”) to Unifrax, a portfolio company of private investment firm Clearlake Capital Group, L.P. Based in Boca Raton, FL, Stellar manufactures highly proprietary, mission-critical and innovative specialty chemistries and materials. Goldner Hawn partnered with the Stellar management team in 2015 to capitalize the business for continued organic growth.

Through its proprietary and growing portfolio of Thermbond® products, Stellar offers a complete suite of engineered formulations that delivers superior performance in support of the maintenance and repair of critical industrial equipment across the world. With a highly proprietary chemistry portfolio, Stellar adds tremendous value to its customers as the industry leading provider of fast dry-out and heat-up formulations that significantly reduce downtime.

“Stellar was a great investment and partnership for Goldner Hawn and the Stellar management team,” said Pete Settle, Stellar Chairman and Partner at Goldner Hawn. “During our ownership period, Stellar’s management team was able to accelerate its growth trajectory through new product offerings, additional salesforce and geographic expansion.”

“Stellar’s market-leading product technologies, geographic reach and best-in-class customer service provide a unique value proposition in the specialty materials marketplace,” said Andrew Tomashek, a Principal at Goldner Hawn and Stellar Board member. “It has been a pleasure working with David and the Stellar management team.”

“The Goldner Hawn team have been great capital partners and board members, and allowed the management team to focus on running the business while supporting our desire to invest in new production capabilities, product research and development and additional personnel,” added David Mintz. “As a result, Stellar has experienced rapid growth and is well-positioned to drive its next phase of growth.”

About Stellar Materials
Stellar Materials, headquartered in Boca Raton, Florida, is a manufacturer of patented specialty chemicals and materials sold worldwide under the Thermbond® brand. Thermbond® products serve as linings in furnaces used in the metals, minerals and hydrocarbon processing industries. More information is available at

About Goldner Hawn
Goldner Hawn, L.P. was founded in 1989 in Minneapolis, Minnesota and has been a source of private capital to leading lower middle market companies for the past 30 years. With an investment philosophy centered on the principle of partnership, Goldner Hawn focuses on partnering with management teams of businesses with $5 million to $20 million of EBITDA in industries including industrial manufacturing, value-added distribution, consumer products and services, and outsourced business services. Goldner Hawn has made over 40 platform investments in companies with total transaction values approaching $3 billion. For more information, call 612-338-5912 or visit