MFG Chemical Joins Windjammer Capital Portfolio
Windjammer Capital has announced the acquisition of MFG Chemical, a well-established developer and manufacturer of specialty chemical solutions serving critical industrial end markets. The transaction marks a strategic move by Windjammer to strengthen its presence in the specialty chemicals sector, particularly within water treatment and industrial coatings, two markets experiencing steady long-term demand. Financial details of the acquisition were not disclosed
Founded in 1980, MFG Chemical is headquartered in Chattanooga, Tennessee, and has built a strong reputation over more than four decades for delivering complex, custom-formulated chemical products. The company supports a broad range of applications across municipal and industrial water treatment, as well as industrial coatings, where performance, consistency, and regulatory compliance are essential. Over the years, MFG has differentiated itself through deep technical expertise, adaptable manufacturing operations, and long-standing relationships with a diverse customer base
Windjammer Capital acquired MFG Chemical from Platte River Equity, a private equity firm that previously supported the company’s operational development and market expansion. With Windjammer now taking ownership, MFG is expected to enter its next phase of growth, supported by targeted investments and strategic initiatives
According to Windjammer, the acquisition aligns closely with its investment strategy of partnering with niche, engineering-driven businesses that provide mission-critical products. Specialty chemicals, particularly those tailored for specific customer needs, are seen as a resilient and attractive segment due to high technical barriers, customer stickiness, and recurring demand
Windjammer plans to support MFG Chemical’s growth through a multi-pronged approach. This includes investments in operational excellence to enhance efficiency and scalability, continued innovation in product development to expand the company’s specialty chemical portfolio, and selective strategic acquisitions that could broaden MFG’s end-market exposure or technical capabilities. These initiatives are designed to strengthen MFG’s competitive position while maintaining its reputation for quality and reliability
Rob Quandt, Managing Director at Windjammer Capital, highlighted MFG’s strong strategic fit within the firm’s portfolio. He noted that MFG’s advanced formulation capabilities and customer-centric approach provide a solid platform for sustainable, long-term growth. Windjammer views the company as a high-value specialty chemicals platform with significant potential to scale organically and through acquisitions
From MFG Chemical’s perspective, the partnership with Windjammer represents an opportunity to build on its established foundation while accelerating future growth. Paul Turgeon, Chief Executive Officer of MFG Chemical, expressed confidence in the new ownership, emphasizing Windjammer’s experience in scaling industrial manufacturing businesses. He also underscored the importance of a collaborative ownership approach as MFG continues to invest in its workforce, expand production capabilities, and meet evolving customer requirements
MFG’s strength lies in its ability to develop and manufacture complex chemistries tailored to demanding applications. In water treatment, its solutions play a vital role in ensuring safety, efficiency, and regulatory compliance across municipal and industrial systems. In industrial coatings, MFG’s specialty chemicals contribute to product performance, durability, and environmental compliance. These mission-critical applications make the company an attractive investment within the broader specialty chemicals landscape
Greg Bondick, Managing Principal at Windjammer Capital, described MFG Chemical as a compelling platform due to its technical depth and strong market positioning. He noted that the company’s expertise in complex chemical manufacturing creates meaningful barriers to entry and provides a strong base for expansion. Windjammer intends to work closely with MFG’s management team to support strategic initiatives and unlock new growth opportunities. The transaction was supported by several advisory firms. Piper Sandler & Co served as exclusive financial advisor to Windjammer Capital, while Kirkland & Ellis provided legal counsel on the deal. On the seller’s side, Grace Matthews acted as financial advisor, and Bartlit Beck provided legal representation
This acquisition reflects continued private equity interest in specialty chemical manufacturers that serve essential industrial markets. With increasing demand for customized, high-performance chemical solutions and tightening regulatory requirements, companies like MFG Chemical are well positioned for long-term growth. Under Windjammer Capital’s ownership, MFG is expected to expand its capabilities, strengthen its market reach, and continue delivering value to customers across water treatment and industrial coatings
About MFG Chemical
MFG has an established record in developing and manufacturing a range of chemicals that include polymers, surfactants, and other specialty chemicals. With a full staff of chemists, engineers, and customer service representatives, MFG Chemical provides customers with reliable high-quality products and services, and has the capability to offer turn-key approaches for custom chemical manufacturing. For more information, visit www.mfgchemical.com.
About Windjammer
Windjammer Capital is a national private equity investment firm based in Newport Beach, CA and Waltham, MA that invests control equity in middle-market businesses and in partnership with management. Windjammer has more than $3 billion of committed capital with respect to its control equity investment strategy, and since inception has completed more than 60 platform investments and more than 200 strategic add-ons. The firm targets investments in companies that are leaders in attractive niche markets and share several of the following characteristics: significant and defensible market positions; differentiated products and services; strong management teams; scalable business models; identifiable growth opportunities; and consistent financial performance.
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