Reichhold Group and Polynt Group are merging to create a thermoset resins and composites firm with annual sales of more than $2.4 billion.
The new firm will be jointly owned by Italian private equity firm Investindustrial — which owns Polynt — and by Reichhold investor Black Diamond Capital Management LLC of Greenwich, Conn.
Reichhold is based in Durham, N.C., while Polynt's headquarters is in Bergamo, Italy. The combined entity will have a major presence in both North America and Europe.
“This combination brings together two strong global businesses and positions the newly formed business to succeed in a competitive marketplace,” said Stephen Deckoff, Black Diamond managing principal, in a May 10 news release.
Reichhold is a leading supplier of unsaturated polyester resins and coating resins to several markets including industrial, transportation, marine and graphic arts. Products made by Polynt included composites, specialties and intermediates for markets similar to those served by Reichhold, as well as medical, consumer and food additives.