- Dux Coatings, based in Lodi, New Jersey, markets more than 1,000 SKUs to over 2,000 customers across tub and tile refinishing, automotive and industrial markets
- The businesses were acquired simultaneously in a carve-out transaction and will continue under the existing senior management team
- First Commonwealth Bank provided senior debt financing, with Tecum supplying subordinated debt and equity growth capital
Glen Oaks Capital and Tecum Capital have acquired StanChem Resins and Dux Coatings, creating a new specialty chemicals platform producing water-based emulsion polymers and solvent-based protective coatings.
Glen Oaks acted as lead sponsor, with Tecum providing growth capital in the form of subordinated debt and equity to support the partnership and fund the company’s expansion plans. First Commonwealth Bank provided senior debt financing. The businesses were acquired simultaneously in a carve-out transaction and will continue to be run by the existing senior management team, which is investing alongside Glen Oaks and Tecum.
Headquartered in East Berlin, Connecticut, StanChem develops and manufactures high-performance resins and specialty coatings through two divisions. StanChem Resins formulates acrylic, vinyl-acrylic and styrene-acrylic emulsion polymers sold into architectural and industrial coatings, adhesives and sealants, nonwovens and other specialty applications. Dux Coatings, based in Lodi, New Jersey, manufactures two-component urethane and epoxy coatings, marketing more than 1,000 SKUs to over 2,000 customers across tub and tile refinishing, automotive, woodworking, artistic and general industrial end markets.
“We are backing a management team and employee base that customers have trusted for decades, and that is the foundation of this investment,” said John Powers, managing member of Glen Oaks Capital. “Our role is to support this team and the new platform with the capital and resources needed to pursue new growth opportunities.”
The deal team from Tecum included Matt Harnett, Paul Oris and Josh Savacool. Stevens & Lee served as legal counsel to Tecum, and Ice Miller served as legal counsel to Glen Oaks. Houlihan Lokey served as exclusive financial advisor to StanChem. Terms of the transaction were not disclosed.
Glen Oaks Capital is a Rye, New York-based private equity firm focused on small to mid-sized businesses, with a particular focus on niche manufacturing, environmental services and value-added distribution.
Editor’s note: This news brief was produced with the assistance of artificial intelligence.