MFG Chemical

MILWAUKEE (January 6, 2026) – Windjammer Capital (“Windjammer”) today announced that it has acquired MFG Chemical (“MFG”), a developer and manufacturer of specialty chemicals serving a range of end markets, including water treatment and industrial coatings. 

Founded in 1980 and headquartered in Chattanooga, Tennessee, MFG provides complex and customized chemical solutions for a diverse range of applications across water treatment and industrial coatings. The company is known for its technical formulation expertise, flexible manufacturing capabilities, and long-standing customer relationships. Windjammer acquired the business from Platte River Equity. Financial terms of the transaction were not disclosed.

Windjammer’s investment will support MFG’s continued growth through investments in operational excellence, product development to expand its portfolio and end-market reach, and strategic acquisitions.

“MFG Chemical is highly aligned with Windjammer’s strategy of partnering with engineering and material science driven niche market leaders that provide mission-critical products and services,” said Rob Quandt, Managing Director at Windjammer Capital. “The company’s differentiated formulation capabilities and strong customer relationships provide a solid foundation for long-term growth.”

“We are excited to partner with Windjammer as we build on MFG’s more than four decades of history,” said Paul Turgeon, Chief Executive Officer of MFG Chemical. “Windjammer’s experience scaling industrial manufacturing businesses and their collaborative approach make them an ideal partner as we continue to invest in our people, expand our capabilities, and serve our customers.”

“MFG’s ability to develop and manufacture complex chemistries for critical applications makes it an attractive platform within specialty chemicals,” said Greg Bondick, Managing Principal at Windjammer Capital. “We look forward to partnering with the management team to support the company’s next phase of growth.”

Grace Matthews advised MFG Chemical and Platte River Equity on this transaction.

ABOUT MFG CHEMICAL
MFG has an established record in developing and manufacturing a range of chemicals that include polymers, surfactants, and other specialty chemicals.  With a full staff of chemists, engineers, and customer service representatives, MFG provides customers with reliable high-quality products and services, and has the capability to offer turn-key approaches for custom chemical manufacturing. For more information, visit www.mfgchemical.com.

ABOUT GRACE MATTHEWS
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 material science value chain. Over the past 25 years, Grace Matthews has successfully completed over 150 transactions on behalf of private, middle-market companies, private equity firms, and large multi-national corporations. For more detailed information on Grace Matthews, visit www.gracematthews.com.