Headquartered in Owensboro, KY, Owensboro Specialty Polymers (“OSP”) is the North America market leader in polyvinylidene chloride (PVdC) latex emulsions, a specialty polymer barrier coating used in the flexible packaging, metal coatings, and oil & gas markets. OSP complements its PVdC products with polyvinyl acetate (PVAc) emulsions, a backbone polymer used in the formulation of adhesives, caulks, sealants, and specialty coatings. Since its establishment in 1958, the Owensboro facility has been owned by an array of multinationals, including Dow Chemical and W.R. Grace, and has manufactured a diverse and expansive portfolio of chemistries over that time. In 2009, OSP transitioned its ownership to an Employee Shareholder Ownership Program (“ESOP”), which controlled 100% of the outstanding stock of the Company.
After considering multiple strategic options, the OSP management team determined that a full sale of the Company would best align with the go-forward, long-term interest of its shareholder base. Grace Matthews executed a targeted auction process by focusing on strategic coating and resin manufacturers and chemicals-experienced private equity funds. Grace Matthews simultaneously helped the Company engage and progress with ESOP advisors that could promote an efficient and timely transaction.
The sale of OSP garnered substantial interest amongst strategic, financial-backed strategic, and financial buyers interested in acquiring a specialty emulsion platform. Grace Matthews delivered the shareholders of OSP with multiple strong options. The Company ultimately selected to pursue a partnership with Borchers, which is owned by The Jordan Company. After the signing of a binding Letter of Intent, Grace Matthews worked with the Company’s management team and ESOP advisors, as well as Borchers and The Jordan Company to facilitate a simultaneous sign and close within 4 weeks.