Business
Chemtrade Logistics Income Fund Announces Closing of the Acquisition of Polytec, Inc.
Chemtrade Logistics Income Fund (TSX: CHE.UN) (“ Chemtrade ” or the “ ...
About this update from Chemtrade Logistics Income Fund
[{"type":"text","content":"Chemtrade Logistics Income Fund Announces Closing of the Acquisition of Polytec, Inc.\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n Chemtrade Logistics Income Fund (TSX: CHE.UN) (“\n \n Chemtrade\n \n ” or the “\n \n Fund\n \n ”) today announced that it has completed the previously announced acquisition of Polytec, Inc. (“Polytec”), a southeastern United States-based provider of turnkey water treatment solutions, for US$150 million. Chemtrade financed the transaction by drawing on its credit facility.\n \n\n The acquisition provides Chemtrade with a unique solutions platform that can be leveraged across its North American-wide footprint for cross-selling and growth opportunities into municipal and food-processing markets. Polytec’s founder has committed to staying actively involved in the business in the months following completion of the transaction to ensure a smooth transition for employees and customers.\n \n\n In addition to expanding Chemtrade’s well-established water treatment chemicals platform with service capabilities, products, and end markets, the acquisition of Polytec also supports execution towards advancing Chemtrade’s Vision 2030 growth targets.\n \n\n “We are pleased to welcome Polytec’s employees and customers to Chemtrade. This acquisition represents a significant growth opportunity by adding a unique treatment solutions platform to our water chemicals business,” said Chemtrade’s President and CEO Scott Rook. “Polytec’s founder, Jack Harmon, has built a company with a well-known reputation for high quality service and products that will be an excellent complement to Chemtrade’s industry-leading manufacturing capabilities. Moreover, Polytec diversifies Chemtrade’s customer base while contributing to our Vision 2030 framework,” concluded Mr. Rook.\n \n\n Commenting on the closing of the acquisition, Chemtrade’s CFO, Rohit Bhardwaj, said, “The acquisition of Polytec is possible, in significant part, because of the steps we have taken to strengthen and mature our balance sheet. Chemtrade’s robust cash flows, further enhanced by those of Polytec, ensure significant capacity to continue investments in high-return organic growth projects a...