Pentagon Chemicals secures £2m investment
In December 2009 Maven, as joint manager of the Capital for Enterprise Fund (CfE) invested £2 million in Pentagon Chemicals, an innovative contract manufacturer of organic intermediaries for use in the life science, petrochemical and speciality chemicals markets.
Pentagon Chemicals was established in 2002, formed from the buyout of Dow plc’s Specialty Chemicals business and in 2003 it acquired the Fine Chemicals business from US based Great Lakes Chemicals. The business has sales of approximately GBP 40M per annum and employs around 160 people at ISO 9001 and 14001 accredited sites in Halebank in Cheshire and Workington in Cumbria.
Pentagon’s core technologies include Phosgenation, Grignard, Maleinisation and Sodium dispersion. The business is focussed on world-class custom manufacturing for its global customers in the Agrochemical, Pharmaceutical, Paper, Fuel Additives, Specialty Catalyst and Flavour/Fragrance sectors.
In recognition of the successful implementation of Pentagon’s sustainable development plan and commitment to a culture of continuous improvement backed by a programme of active employee engagement Pentagon has won the Chemical Industry Association’s (CIAs) Manufacturing Award for both 2008 and 2009. For further information see www.pentagonchemicals.co.uk
Allan Laing, Chief Executive of Pentagon Chemicals, said, "The new investment will underpin Pentagon’s growth strategy, enabling more aggressive business development by supporting the new product pipeline and high-return capital projects. It will also provide the financial stability required to satisfy our global customers and suppliers that Pentagon can fulfil its role as a long-term strategic partner.”
Andrew Craig, Partner at Maven, said, “Pentagon Chemicals is a high quality Fine and Specialty Chemical contract manufacturer with an impressive blue chip client base, the senior management team, led by Allan Laing, have exciting plans for the business and Maven is delighted to be able to provide this investment from the CfE Fund to help the team achieve their strategic vision. This again demonstrates the value of the CfE fund in supporting ambitious UK businesses like Pentagon Chemicals.”
The Capital for Enterprise Fund
The £75 million CfE Fund is a Government backed initiative launched earlier this year to help small and medium size enterprises (“SMEs”) in the UK gain access to the financial support required to bridge the funding gap caused by the credit crisis. In April 2009, it was announced that £60 million from the CfE Fund would be allocated to two separate £30 million funds, one of which is managed by Maven. A further £15 million is being managed as a co-investment fund by Capital for Enterprise Fund Managers. For further information see www.capitalforenterprise.gov.uk