has sold its subsidiary CiDRA Chemical Management Inc. (CCMI) to
CiDRA Chemical Management
Headquartered in Wallingford, Connecticut, CiDRA is a trusted partner and leading supplier of highly differentiated process optimization and enhanced recovery solutions and services to many of the world's largest industrial markets, including minerals processing, mineable oilsands, dredging, concrete and power generation.
Formed in 2007, CiDRA Chemical Management Inc. (CCMI), a wholly owned subsidiary of CiDRA, provides process optimization solutions to customers in the pulp & paper and agricultural processing markets. CCMI provides a comprehensive solution combining defoamer chemistries, patented entrained air measurement and control technology and process optimization expertise. CCMI delivers a compelling value proposition to customers through improved process efficiency, throughput and reduction in variability. CCMI is headquartered in Flowood, MS.
CiDRA has a successful track record of identifying underserved markets, developing technology-based solutions, and divesting assets to market participants with the ability to further deploy the solution on a greater scale. CiDRA engaged Grace Matthews to explore a divestiture of its subsidiary CCMI.
CiDRA sought a long-term partner to whom its patented technology could be exclusively licensed in CCMI's end markets. Given the carve-out nature of the transaction, Grace Matthews contacted a small group of strategic buyers with an existing presence in CCMI's key end-markets and the infrastructure to support CCMI.
CiDRA ultimately entered into a transaction with Buckman, a privately held, global specialty chemicals company based in Memphis, TN. The transaction provides CCMI with a platform on which to continue its strong growth trajectory while providing liquidity to CiDRA to further execute on its initiatives in other end markets.