Ascensus Specialties, which is backed by Wind Point Partners, has acquired Newburyport, Massachusetts-based Strem Chemicals, a provider of specialty chemicals. No financial terms were disclosed.
Bellevue, WA, April 7, 2021 – Wind Point Partners (“Wind Point”) and Ascensus Specialties LLC (“Ascensus”) today announced that Ascensus has completed the acquisition of Strem Chemicals, Inc. (“Strem” or the “Company”). Strem is a global leader in high-purity, research-grade catalysts, ligands, organometallics, metal carbonyls and CVD/ALD precursors.
Based in Newburyport, Massachusetts, Strem sells and manufactures specialty chemicals for the most demanding, high-purity end markets of life sciences, microelectronics and other specialties markets. Founded in 1964 by Michael Strem, the Company’s products serve as critical components for manufacturers, researchers and academics. In addition, Strem provides custom synthesis and cGMP manufacturing services for high-potency APIs (active pharmaceutical ingredients).
Headquartered in Bellevue, Washington, Ascensus is the world leader in borohydride, borane, and specialty alcoholates production. Wind Point built Ascensus through the acquisitions of former Dow Chemical and BASF specialty chemicals businesses. Ascensus’ specialty chemicals are essential reagents for life sciences, microelectronics and other specialties customers across North America, Europe and Asia.
“Strem represents an excellent addition to the Ascensus platform. The combined business will have capabilities to offer solutions ranging from lab to large scale commercial production.”
Alex Washington, Managing Director
Mike Huff, CEO of Ascensus, stated, “We are extremely excited to have Strem join the Ascensus family. Strem has a world-class team and a renowned reputation that has been methodically fostered for over half a century under the leadership of Michael Strem and Ephraim Honig. We will look to further support the team’s highly technical R&D culture, differentiated product offering and value-added customer relationships. Together, Ascensus and Strem will be a global specialty chemicals leader serving the demanding, high-growth life sciences and specialties markets.”
Alex Washington, Wind Point Managing Director, added, “Strem represents an excellent addition to the Ascensus platform. The combined business will have capabilities to offer solutions ranging from lab to large scale commercial production. Strem’s industry-leading technical competency is a meaningful addition to Ascensus’ existing capabilities, and Ascensus looks forward to working with Ephraim and the Strem team to amplify new product and application development efforts.”
Ephraim S. Honig, former CEO of Strem, will be joining the Ascensus leadership team as Chief Science and Innovation Officer and will oversee the combined businesses’ Research and Development function. Mr. Honig noted, “We are excited to become part of the Ascensus family and begin the next chapter for our employees, customers and partners. Ascensus and Strem have highly complementary chemistry capabilities and end market applications. We look forward to accelerating our investment in R&D capabilities to drive innovation and new chemistries on behalf of our customers.”
Michael Strem, Founder & President of Strem Chemicals, commented, “We thoughtfully chose Ascensus as the partner for the next phase of Strem’s growth. Our employees’ interests and well-being have been my top priority, and the strong cultural fit will provide opportunities for our team. The additional resources and global reach of Ascensus will deliver Strem’s strong capabilities to an even broader audience of customers.”
Reed Smith LLP served as legal counsel to Wind Point and Ascensus, and KPMG LLP provided advisory services in connection with the transaction. Honigman LLP served as legal counsel and Grace Matthews, Inc. served as financial advisor to Strem.