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Sovereign Specialty Chemicals, Inc.
Sovereign was founded in 1996 by WCP, First Chicago Equity Capital and a well-known senior industry executive to acquire specialty chemical businesses in the highly-fragmented adhesives, sealants and coatings industries. By focusing on niche products in attractive markets, Sovereign quickly grew to more than $350 million in revenues. The company achieved substantial operational savings through on-site management, reorganization/cost improvements, focused research and development and technical service. In January of 2000, Sovereign was recapitalized in a $360 million transaction. At that time, Waud Capital Partners sold a significant portion of its interests but retained 20% of its investment in the newly recapitalized company. In December 2004, Sovereign was sold to Henkel Corporation for a transaction value of approximately $575 million.
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Industry: |
Manufacturing – Specialty Chemicals |
Headquarters: |
Chicago, Illinois |
Date of Investment: |
March 1996 |
Fund: |
Pre-Fund WCP Investment |
Date Exited: |
January 2000
December 2004 |
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Add-on Acquisitions
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Packaging and Coatings Business of IMPAG AG of Switzerland - 2001
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Overprint Coatings business from Auchem, Inc. - 2000
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Imperial Adhesives, Inc. - 2000
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Croda Adhesives - 2000
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Flexible Packaging Coatings Division of Valspar Corporation - 1999
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Coatings & Adhesives Division of K.J. Quinn & Co., Inc. - 1998
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PL Brand Adhesives Division of ChemRex, Inc. - 1998
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Adhesives, Sealants and Coatings, N.A. Division of Laporte PLC - 1997
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Adhesives Systems Division of B.F. Goodrich - 1996
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Pierce & Stevens Corporation - 1996
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