TORONTO, Ontario – Penfund, an independent provider of junior capital to North American middle market companies, announced the completion of a unitranche debt investment in Recochem, Inc. (“Recochem” or the “Company”). Penfund served as a Joint Lead Arranger and Joint Bookrunner on the financing, which supported the acquisition of Recochem by funds managed by CapVest Partners LLP (“CapVest”).
Founded in 1951 and headquartered in Montreal, Canada, Recochem is a leading Canadian manufacturer and distributor of auto aftermarket transportation and household fluids. The Company’s product portfolio includes bulk and packaged solutions for coolant, windshield washer fluid, diesel exhaust fluid, appearance chemicals, household fluids and other industrial chemicals.
“We have followed Recochem for over a decade and are impressed by the Company’s long track record of growth and its success in building a highly diversified and profitable platform. We believe Recochem has an opportunity to leverage its market leadership in Canada and rapidly growing presence in the United States to continue to expand its product portfolio and customer base,” stated Jeremy Thompson, a Partner at Penfund.
Joe Mattina, a Partner at Penfund, added, “This transaction is our first with CapVest, whom we consider a top-tier investor. There is strong alignment between our investment strategies and we are excited to support Recochem’s next stage of growth.”
Founded in 1951 in Montreal, Recochem is a global leader in manufacturing, marketing, and distributing automotive aftermarket and household fluids for consumers and industrial customers worldwide. The company generates over $1 billion in revenue and operates a global platform across North America, Europe, Australia, and Asia Pacific. Recochem’s strong reputation in the markets it serves has earned the company vendor appreciation awards from its customers and long-standing relationships with its suppliers and partners around the world. With innovation and agility built into its DNA, Recochem is poised to continue its expansion into global markets while maintaining its core values of exceptional customer service, high product quality, and environmental stewardship. For more information, visit www.recochem.com.
CapVest is a leading international private equity investor that partners with ambitious companies supplying essential goods and services to transform their businesses. As an active and patient investor, CapVest has established a strong record of success in delivering attractive returns by working closely with management in transforming the size and scale of its portfolio companies through a combination of organic and acquisition led growth. For more information, visit www.capvest.com.Back to All News
Penfund is a leading provider of junior capital to middle market companies throughout North America. The firm is currently investing its most recently established fund, Penfund Capital Fund VII. Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high-net-worth individuals located in Canada, the United States, the Middle East, and Europe. Penfund has invested more than $3 billion in over 225 companies since its establishment. Assets under management are approximately $2.8 billion.