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Goldner Hawn Johnson & Morrison Makes Investment In Applied Adhesives

MILWAUKEE (March 24, 2017) – Grace Matthews, Inc. announced today that Minneapolis-based Goldner Hawn Johnson & Morrison (“GHJ&M”) has acquired a majority position in Applied Adhesives (“the Company”), a former portfolio company of Ellipse Capital. The current management team has retained ownership in Applied and will continue leading the Company moving forward. Grace Matthews advised the shareholders of Applied Adhesives on the transaction. Financial terms were not disclosed.

Based in Minnetonka, Minnesota, Applied Adhesives is a leading supplier of hot melt, water-based, and reactive adhesives for the packaging, assembly, graphic arts, and paper converting industries. The Company partners with the world’s leading adhesive and dispensing equipment manufacturers, including Henkel, HB Fuller, Bostik, and Nordson, to provide premier adhesives solutions throughout North America. Applied Adhesives is the result of a strategic combination between Ward Adhesives and Applied Products, which was completed in 2012. The Company provides key value-added services that improve its customers’ processes and optimize profitability through insightful, experience-based adhesives recommendations.

“We have enjoyed working with management over the last several years to combine two leading organizations into a prominent adhesives distribution platform,” said Peter Gotsch, the Managing Partner of Ellipse Capital. “We believe Applied is incredibly well positioned to continue executing its growth strategy under new ownership.  The transaction is a terrific outcome for Applied’s shareholders and will allow management to maintain significant ownership in the business going forward.”

Andy Hinz, Managing Director at Grace Matthews, said, “GHJ&M is the right buyer for Applied. Their experience and understanding of the manufacturing and distribution space combined with a commitment to management partnership will support Applied through its next phase of growth. We are pleased to have assisted both the management team and Ellipse Capital through a successful process.”

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About Grace Matthews, Inc.
Grace Matthews, Inc., a Milwaukee-based investment bank, provides merger, acquisition and corporate finance advisory services to private and public companies across the chemical and materials value chain. Grace Matthews is known globally for completing successful chemical industry transactions dating back to the early 1990s. Grace Matthews' principals have completed over 100 transactions involving global corporations such as AkzoNobel, 3M, DuPont, Sherwin-Williams, PPG Industries, Ashland, ICI, Air Products, Landec Corporation, The Home Depot, Hexion Specialty Chemicals, Becker Industrial Coatings, RPM International, Weatherford, BASF, Lubrizol, WR Grace, Axalta, Eastman, and Hempel. For more detailed information on Grace Matthews, Inc., visit www.gracematthews.com

About Applied Adhesives
Founded in 1971, Applied Adhesives has grown into a premier value-added distributor of hot melt, water-based, and reactive adhesives for the packaging, paper converting, graphic arts, bottle labeling, product assembly, and woodworking industries. With access to best-in-class technologies, Applied provides its customers and the markets they serve with the most innovative and cost-efficient adhesive solutions in North America. Applied Adhesives is known as a true partner to both its suppliers and customers and is respected for the value-added services it provides. For more information, visit www.applied-adhesives.com.

About Goldner Hawn Johnson & Morrison
Founded in 1989, GHJ&M is a private equity firm specializing in equity and mezzanine investments in management buyouts, industry consolidation, growth capital and recapitalizations. GHJ&M invests in seasoned, middle-market companies that have capable management teams, distinct market advantages, and clear growth potential. Since its founding, GHJ&M has raised over $825 million in committed capital and completed 56 control equity investments. Its current investment fund, Trailhead Fund, which had its final closing in June 2013, has more than $250 million in commitments and is the sixth pool of capital that has been raised by the principals of GHJ&M. The firm is based in Minneapolis, Minnesota. For additional information, visit www.ghjm.com.

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