On Friday Jordan Co. announced the formation of Haas TCM Group, consisting of freshly acquired Haas TCM and its Kemfast and MC Technologies subsidiaries, plus Jordans existing portfolio company Avchem, creating the worlds largest provider of chemical management services.
Terms of the Haas acquisition were not disclosed. The combined businesses had revenues of approximately $300 million in 2007.
They are now part of Jordan Co. L.P., a New York City-based private investment firm that specializes in buying and operating businesses in partnership with management. Its portfolio company, St. Louis, Mo.-based Avchem, like Haas TCM, provides chemical management services.
The deal is consistent with our strategy to grow in chemical management services, Haas TCM Chief Executive Officer Thaddeus Fortin told Lube Report. Jordan was committed with the acquisition and development of Avchem in 2006 and remains even more committed with the formation of Haas TCM Group Inc. Additionally, on the aerospace side, we believe that we now have available to our global OEM and MRO customers the largest inventory of aerospace chemicals in the world.
Haas TCM is based in West Chester, Pa. Headquartered in Ringwood, U.K., Haas Kemfast subsidiary is made up of Kemfast Aerospace Group Ltd. and Kemfast Ltd., which supply the aerospace industry with chemical management and logistics services. MC Technologies, based in Tucson, Ariz., develops and markets workplace chemical safety programs to assist in complying with Occupational Safety and Health Administration hazard communication standards.
Haas, Kemfast and MC Technologies together serve customers in 250 locations worldwide in the automotive, aerospace, defense, healthcare and industrial manufacturing industries.
We view chemical management as a vital component of global industrial growth in the coming decades, said Jeb Boucher, managing principal of Jordan. Chemicals are essential components of virtually every industrial process.