Molecular Products Group (MPG) and BGF today announced the sale of the business to Arlington Capital Partners, a Washington, DC-based private equity firm.
Headquartered in Harlow, Essex, U.K., MPG is a leading manufacturer of advanced chemistry-based products serving the healthcare, defence and industrial markets. The Company primarily specializes in the manufacture and supply of chemical technologies for the treatment of breathable gases and is able to serve its global customer base out of its two primary manufacturing facilities in Harlow, Essex, U.K. and Boulder, Colorado, USA.
MPG was majority owned by the McKernan family whose father established the company in 1973. Since 1995 it has been run by Ian and Andrew McKernan who have continued the family stewardship into its fifth decade.
BGF’s investment in September 2014 helped the Company to move into its new facility in Harlow, invest in new plant and equipment in both the UK and USA and accelerate its global expansion. They also introduced Paul Barnard as Chairman and strengthened the management team.
With the acquisition by Arlington, Troy Rhudy, currently President MPG US, will take over the running of the group from Ian McKernan & Andrew McKernan.
The sale comes at an exciting time for the Company with a number of new products in development and follows a review of options and sale process led by Paul Teuten in the London office of Duff & Phelps, the global valuations and corporate finance advisor.
“We are rightly proud of Molecular Products achievements in becoming a recognised global market leader in life critical air technology. The time is now right for the Company’s talented team, under the leadership of Troy Rhudy, to take the business forward. The backing of Arlington Capital will enable the Company to deliver on the many exciting growth opportunities ahead” said Ian McKernan.
Peter Manos, a Managing Partner at Arlington Capital, said “We are excited to be partnering with CEO Troy Rhudy and his management team at Molecular Products to expand the Company’s unique position in the development of advanced chemistry-based applications for the healthcare and defense markets, which are key verticals for Arlington. Molecular Products continues Arlington’s long track record of investing in industry leading companies with technically differentiated and proven products in the market.”
Will Gresty, investor at BGF, commented “We are delighted that our partnership with Molecular Products has come to a successful conclusion for all the shareholders. As a family-owned, UK based manufacturer, Molecular Products is just the kind of business that BGF likes to back and it has been a pleasure to support the McKernan family’s ambition to build it into the world-class business it is today. We wish Troy and the team every success in the future.”