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Merger News
September 27, 2007
Mount Vernon acquires CPC Chemical Holding
We are pleased to announce that on September 14, 2007 Mount Vernon Mills completed the purchase of the assets of CPC Chemical Holdings. The purchase consists of manufacturing facilities in Graham, North Carolina (near Burlington) and in Opelika, Alabama which were previously known as Apollo Chemical and Sage Technologies, along with offices in Bessemer City, North Carolina, previously known as FCI Technology. The new locations are part of the Mount Vernon Chemical Division which also includes PhilChem - Greer and Ware Shoals and all will report to Mr. Ed Rish - Division President.
These locations produce a wide variety of chemicals including some used in the textile industry as well as in the personal care and industrial products markets. The acquisition adds 65 new employees into the Mount Vernon Mills family.
September 16, 2005
Press Release
CORE POINT CAPITAL, LP ANNOUNCES ACQUISITION AND MERGER FOR ITS SPECIALTY CHEMICAL PLATFORM/FORMATION OF CPC CHEMICAL HOLDINGS, LLC
CHARLOTTE, NC. Core Point Capital, LP (“Core Point”), a Charlotte-based private equity firm, announced today that it had recently acquired the assets of FCI Technology, Inc. (“FCI”), a Bessemer City, NC specialty chemical company. Additionally, Core Point announced it had completed a merger of its specialty chemical business, Chemical Technologies, LLC of Charlotte with Apollo Chemical Company, LLC, Inc. (“Apollo”) of Burlington, NC. These recent moves prompted Core Point to form CPC Chemical Holdings, LLC (“CPC”) to hold and manage those assets for its Fund.
The new entity will be headed by Dexter Barbee Sr., former Chairman of Apollo; Rocky Butler, former Chairman of Chemical Technologies, Dixon Fleming, a partner at Core Point and Rich Montanaro, President of CPC Holdings, LLC. Mr. Barbee commenting on the recent moves said, “This positions CPC in an unequalled position to service its customers. Core Point’s recent acquisition of FCI in diversifying its specialty chemical holdings into personal care and industrial chemicals, along with the combination of our two textile chemical operations, should allow us to better service the needs of our customers for a long time.” Mike Flanigan, founder of and President FCI, continues in that capacity. Rocky Butler, commenting on behalf of both Core Point and Chemical Technologies stated, “This is an extension of our efforts to both grow and diversify our position in specialty chemicals. The Yorkshire Americas, Inc. and Virkler Company acquisitions gave us a platform from which to build. These recent moves make us a much more viable company and allow us synergies from combining production, sourcing and distribution.
For more information regarding this announcement, contact Dixon Fleming at Core Point Capital 704-331-3897.
__________________________________________
Dear Valued Customer,
It is with great pleasure that we announce the recent merger of our two companies, Apollo Chemical Company, LLC, Inc. (“Apollo”) and Chemical Technologies, LLC. Couple this with our recent acquisition of FCI Technology, LLC and we believe this creates opportunities to better service and supply you, our valued customer. This was one of the major reasons for considering this move. Better sources for raw materials, synergies in production and better distribution options, joined with a broader array of products to service your needs, made this an easy decision.
Dexter Barbee, Sr. will serve as Chairman of the new company and Rocky Butler, current Chairman of CT, will be CEO. Ed Rish and the team from Apollo will continue to serve those of you with whom they’ve worked for so many years. Please continue to place your orders with Apollo at Apollo Chemical’s Customer Service number (336) 226 1161 or fax them to Apollo Chemical at (336) 226 7494.
Rich Montanaro, President of our holding company, will give direction to the combined entity and ensure those of you that have been loyal Chemical Technologies customers will continue to receive the products and services you so deserve. Continue to contact Chemical Technologies at (704) 588-8500 for all of your product needs. Your Technical Sales Representative will be calling on you soon, along with a member of management to answer any questions you may have.
We look forward to furthering our relationship with you and appreciate what you have meant to our success to date. The combination of these two fine companies positions us to make certain we provide the highest quality products and solutions to you for many years to come. Within the next couple of weeks, each of you will be visited by your salesman who will be glad to answer any additional questions you may have. Also, feel free to contact either of us if we can assist you in any way.
Sincerely,
Dexter Barbee, Sr. Rocky Butler
Southern
Textile News
Apollo gives vote
of confidence to domestic textiles
November
18, 2002
By Devin Steele
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CHARLOTTE,
NC — Besides bringing information about its new hydrophilic nylon
polymer to the American Association of Textile Chemists & Colorists
(AATCC) International Conference & Exhibition (IC&E) here last
month, Apollo Chemical Corp. came armed with a vote of confidence for
the U.S. textile industry.
In fact, the Burlington, NC-based company is using that innovative product,
AQUATEK UNO, to prove that it is with domestic textiles for the long haul,
according to Apollo representatives.
“A lot of questions have been raised as to whether this industry
is going to survive in the U.S. or will have a viable presence,”
said Ed Rish, Apollo president and chief operating officer. “We think
it is, and that has driven all of our recent decisions, such as this new
product and our deal with Vulcan.”
Rish was referring to the company’s announcement earlier this year
that it had reached an agreement with Vulcan Performance Chemicals to
market Vulcan’s textile specialty chemicals in the U.S. Plus, developing
patent-pending AQUATEK UNO sends a message to the industry, he added.
“That is, if we’re willing to spend the money and take the time
to develop a new product, it’s for an industry that is here to stay,”
Rish said. “It may not be the size it is now. It might continue to
shrink a little bit, but it’s still going to be a sizable business
and this shows our customers that we are here to stay.”
Betty Tilley, product manager for dyeing and finishing, added that Apollo
has stuck with textiles since its inception 34 years ago and will not
abandon the industry.
“We’re very dedicated to the textile industry,” she said.
“We’re not in paper or leather or other industries that you
may think of going into. We’re totally focused on textiles. We have
14 salesmen throughout the United States who focus on textiles.”
Apollo has
about 78 employees companywide, with about 63 in its Graham, NC, corporate
offices and manufacturing facility and 15 at its Sage Technologies operation
in Opelika, AL. The company has a distribution centers in California,
Rhode Island and Mexico City.
“Apollo is a force in the industry and will continue to be a force
in the industry,” added Dexter Barbee Sr., who founded the company
in 1968 and currently serves as chairman of the board. “We’ve
been at it a long time.”
Being a “force in the industry” means listening to customers
and exploring sales and marketing opportunities wherever they exist, according
to Tilley.
“We asked ourselves, ‘where are the markets that are advancing
and growing and where are the markets that are staying stable or declining?’
“ she said. “We see technical fabrics, industrial fabrics and
nonwovens as growth markets. So our focus is more toward niche markets,
which makes Apollo stand out from the rest of the pack. All of our typical
auxiliary products have almost become commodity products, so we need something
that pushes us ahead and puts money back into our R&D efforts.”
Hence came the development of the AQUATEK UNO, she added. During a typical
brainstorming session that accompanies quarterly sales meetings, sales
reps about two years ago indicated that customers in nylon markets were
interested in a hydrophilic nylon polymer that provides moisture transport,
absorbency and vertical wicking, Tilley said. Apollo then took on the
research effort from scratch and, after 18 months, began running small
plant trials and scale-ups early this year.
By the time the AATCC show rolled around, Apollo was ready to “hit
the ground running” with the product, which is ready for shipment
from its warehouses, Tilley said.
“This product was developed to go into those technical markets, particularly
technical fabrics that need absorbency — sportswear for hiking and
biking, for instance,” she said.
According to product literature, AQUATEK UNO is a durable moisture modifier
that imparts hydrophilicity to nylon 6 and nylon 6.6 fabric. Nylon fabrics
with the technology have a quicker evaporation rate than typical nylon
fabric, the company added.
Other benefits are a soft, luxurious hand and reduction of static build-up,
plus enhancement of soil release properties during home laundering, Apollo
pointed out. AQUATEK UNO also is durable to multiple launderings when
applied by exhaust, the company said.
“A lot of companies have products that provide moisture transport
for polyester — polyester can be made very hydrophilic — but
no other company has a product that works on nylon that also has excellent
durability,” Tilley said. “A lot of the products that are available
in our market wash off after two to five launderings. So, not only is
this polymer substantive to the nylon, but it provides absorbency, moisture
transport, vertical wicking and it gives a very fast rate of evaporation.
So while we’re absorbing the moisture, we’re also releasing
it back into the atmosphere, helping the body maintain a cool feeling.”
Apollo Chemical
Sticking With Textiles
Original article published in the Times-News, Burlington, NC, 6/18/02
by
Brent Lancaster
Times-News
Graham-
In a time of doom and gloom for America, many chemical companies that once catered to the industry are looking for a way out.
Don’t count Apollo Corp. among them. For good or bad, the Graham-based company that has hung its hat on supplying the textile industry has decided to stay the course. Dexter Barbee, the company’s chairman, thinks it’s for good. He says that though US textiles have lost a lot of jobs, investment and entire businesses, there is still a strong core that needs Apollo’s services.
“We’re banking that textiles are going to stay strong,” Barbee said.
Apollo’s board decided recently to stay in textiles instead of branching into other areas–producing household chemicals for example–the way that other textile chemical producers have. Looking across the textile landscape, Apollo sees opportunities in smaller, more specialized markets. Apparel manufacturing has taken a beating in the United States recently but there are other areas, from carpet and industrial textiles production to nonwoven fabrics, that are still strong.
Apollo has held on to all of its technical and support staff through the recent recession. Barbee thinks that will position the company well as things pick back up. Textile manufacturers looking for a product may not be able to get it from other companies that have laid people off, Barbee said. Barbee started Apollo in a rented Burlington garage in 1968. The company now makes its home on Southerland Street in Graham and runs distribution centers from California and Mexico City, Rhode Island and Quebec.
Apollo chemicals help colors hold on textiles, or in other cases, help take them off. They make defoamers, lubricants, dispersants and bleaching assistants.
For Apollo, future success means working closely with buyers to develop new chemicals and get them to manufacturers quickly. It means being one of only a handful of companies working in a specialized market as other companies get out.
The company says it has had a strong first quarter this year and has enough cash on hand. Ed Rish, President and chief operating officer, sees positive news in the fact textile inventories are shrinking and many manufacturers are working at least part of the week of July 4, a time when many companies close down. He sees positive news out of Kannapolis, where Pillowtex Corp., has emerged from Chapter 11 bankruptcy.
“The industry that is going to remain behind is still going to be a very strong industry,” Rish says. Peter Kilduff, an associate professor in the College of Textiles at North Carolina State University in Raleigh agrees. He says there is room for growth for companies that make home furnishings, medical textiles and industrial fabrics for things like car interiors. There are opportunities for businesses that make technically innovative and fashionable apparel fabrics and know how to work closely with retailers. Innovative textile fields may not offer as many jobs or as much investment as the larger industry that is taking such a hit in the United States now. But it’s not as exposed to the international competition that has shuttered many doors and sent many jobs overseas, Kilduff said. Companies that see this will survive and continue calling on Apollo Chemical for help.
Sometimes businesses give up too easily,” Kilduff said. “The more difficult thing is to innovate.”
Brent Lancaster can be reached at brent_lancaster@link.freedom.com.