The Jordan Company is merging portfolio company ICMS Holdings with fellow chemical management services provider Haas TCM Inc. No financial terms were disclosed.
“I am pleased to announce that Haas TCM Inc. and its subsidiaries, Kemfast Aerospace Group, Ltd. and Kemfast, Ltd (collectively Kemfast) and its MC Technologies division have combined with an affiliate of The Jordan Company, L.P. to form Haas TCM Group Inc. ICMS Holdings, Inc. (d/b/a Avchem, Inc.), an existing portfolio company of Jordan, will be integrated with Haas TCM Group Inc. The focus of these businesses is to provide chemical management services on a global basis to a wide range of industries including aerospace, automotive, electronics, health care and other markets, as well to government agencies such as the U.S. Defense Logistics Agency,” stated Dean M. Willard, Chairman of the Board of Haas TCM Group Inc.
The combined businesses achieved revenues of approximately $300 million in 2007 and create the largest global provider of chemical management services. Haas TCM Group Inc. currently operates in 15 countries throughout the world and plans to expand its global footprint to meet the needs of its customers.
“We are very excited to become a portfolio company of The Jordan Company. The formation of Haas TCM Group Inc. is consistent with our strategy to grow in chemical management services. We also look forward to integrating Avchem into Haas TCM Group Inc. We will have greater access to capital which will enable us to expand our global footprint and service offerings,” stated Thad Fortin, Chief Executive Officer of Haas TMC Group Inc.
Haas TCM Inc. (http://www.haastcm.com/) is headquartered in West Chester, Pennsylvania USA. Kemfast (http://www.kemfast.com/) is headquartered in Ringwood, United Kingdom and MC Technologies (http://www.maxcomonline.com/) is based in Tucson, Arizona, USA. They currently provide chemical lifecycle management services to over 250 customer locations in the US, Canada, Mexico, Argentina, Brazil, Ireland, United Kingdom, France, Netherlands, Poland, Romania, Italy, Turkey, Israel, and China. Current customers are in the automotive, aerospace, electronic, government, semiconductor, defense, transportation, industrial manufacturing, food and beverage, healthcare, process and energy sectors.
Mark Reighard, Chief Executive Officer of Avchem, will continue to focus his team's primary attention on the aerospace industry. “The Avchem team is very excited to become part of Haas TCM Group,” stated Reighard. “We feel that the resources and support we have obtained as an affiliate of The Jordan Company have been very important to our development over the past two years and by bringing Haas and Kemfast together with Avchem, we see our collaboration with Jordan becoming even more vital going forward.”
Avchem (http://www.avchem.com/) enables its customers to outsource the process associated with obtaining, handling, tracking, and disposing of chemical products and other regulated materials. The company primarily services the aerospace industry where numerous products such as paints, primers, sealants, adhesives, cleaners, solvents, and lubricants are used in the manufacturing and maintenance of aircrafts. Avchem is headquartered in St. Louis, Missouri, USA.
“We view chemical management as a vital component of global industrial growth in the coming decades,” said Jeb Boucher, Managing Principal of Jordan. “Chemicals are essential components of virtually every industrial process — almost always incorporated into the final product and yet very seldom a core capability of the user. A growing list of industrial companies, government agencies and other users of chemical products are recognizing the benefits of outsourcing the procurement, management and disposition of chemicals to companies such as Haas TCM Group where chemicals are, in fact, core.”
The Jordan Company, L.P. is a private investment firm specializing in buying and operating businesses in partnership with management. Jordan and its partners and their affiliated entities have completed more than 300 acquisitions since they began investing in 1974. Jordan has over $5 billion in capital under management.