November 29, 2022

ChromaScape Expands its Packaging Chemical Line with CEL Chemical Acquisition

ChromaScape, LLC (“ChromaScape”) has acquired CEL Chemical, Inc. (“CEL Chemical”).  Based in Piedmont, South Carolina, CEL Chemical is a manufacturer of adhesives, additives, modifiers and enhancers used in the corrugated paperboard packaging industry. CEL Chemical’s products allow manufacturers to create more-durable, waterproof corrugated paperboard at higher throughput rates  and with reduced waste.

“We are excited to add CEL Chemical’s products to our product line.,” said Seth Tomasch, Chief Executive Officer of ChromaScape. “Customers love these products because they help paperboard plants run more efficiently and deliver improved product. ChromaScape’s focus on quality, on-time delivery and customer service will support the continued growth of this highly differentiated product line.”

“We were pleased to support ChromaScape with this strategic acquisition to expand ChromaScape’s packaging-related product portfolio,” said Sarah Paquet, Principal, Heartwood Partners. “ChromaScape’s strong management team is uniquely positioned to support CEL Chemical’s growth as its founder, Jim Messenger, retires after 35 years spent driving CEL Chemical to the success it has achieved.”

Heartwood Partners is focused on partnering with family and management-owners. Our strategy is focused on providing strategic and financial guidance, human resources development, marketing and eCommerce expertise, and operational assistance to support long-term growth, including organic and acquisition-driven expansion into new products, services, and end markets. Please visit the Heartwood Partners website at (www.heartwoodpartners.com) to review our approach and investment portfolio.

About ChromaScape

Established in 1998, ChromaScape is the specialty chemicals supplier that taps into the unlimited potential of pigments, colorants and additives. We formulate dye, pigment, and additive dispersions for our customers to incorporate into their products and unique applications. We leverage our technical knowledge and industry expertise to deliver innovative, scalable solutions that give our customers the ability to differentiate and grow their business. In partnership with our customers, stakeholders and associates, we are brighter and better together.  For more information, please visit https://chromascape.com/


Please contact the following members of the investment team at Heartwood Partners with investment or add-on opportunities:

Edwin Tan, Partner

etan@heartwoodpartners.com

Sarah Paquet, Principal

spaquet@heartwoodpartners.com

John Willert, Partner

jwillert@heartwoodpartners.com

John Newman, Principal

jnewman@heartwoodpartners.com

About Heartwood Partners

Heartwood Partners has been dedicated to investing in private companies for over 37 years, developing a well-established track record of supporting management teams to build and grow their companies, both organically and by add-on acquisition. You can learn more about Heartwood Partners at www.heartwoodpartners.com. We are currently investing from a $600 million committed fund, Heartwood Partners Private Equity Income Fund III, LP. In addition, we have access to additional equity capital through co-investment from our limited partners. Our approach is designed for a longer-term investment horizon (our average investment period has been 5-7 years) and to capitalize portfolio businesses conservatively using significantly more equity and less debt than is typical in private equity investments. We do this to strengthen portfolio company balance sheets, create significant operating and bank covenant flexibility and perpetuate a business’ ability to pay a cash yield out of excess cash flow to shareholders and management.