Mason Wells Acquires Calvary Industries

Mason Wells announced today that it has closed on the acquisition of Calvary Industries (“Calvary” or the “Company), a leading specialty chemical manufacturer. Mason Wells established a strong relationship with the Morelock family over several years and is excited to invest in the Company’s growth.

Founded by John Morelock, Jr. in 1983, Calvary is a manufacturer of specialty process chemicals for diverse applications and end markets. The Company formulates chemicals across metal pretreatment, cleaners, water treatment, and metalworking, among others. These products are consumable, technically demanding, and mission-critical, which gives Calvary a steady stream of recurring revenue. The Company sells directly to end users through a highly consultative sales process focused on formulating custom chemicals, providing high levels of service, and solving customer problems. Calvary operates two manufacturing locations in Fairfield, Ohio (headquarters) and Pineville, Louisiana. The Company also leverages third party distribution locations in California and Mexico. Calvary has approximately 150 non-union employees.

Since 1998, Mason Wells has invested in numerous Midwest-based companies in the engineered products sector supporting family ownership transitions.

“We have spent a lot of time getting to know Mason Wells and have been very impressed by the firm’s professionals, most importantly its cultural fit with Calvary,” said Austin Morelock, CEO & President. “At this inflection point in the Company’s history we are excited to bring in a firm that invests in people, partners with management, and has a deep network of industry resources to support Calvary’s growth.”

“Calvary is a unique business in the specialty chemicals sector,” said Chris Pummill, Managing Director at Mason Wells. “We are excited to partner with the Morelock family and the Calvary leadership team. Calvary’s strong market position, commitment to developing technical solutions, and track record of profitable growth make it an ideal addition to the Mason Wells family. We look forward to investing in the Company’s continued growth while maintaining the high levels of service and collaboration that Calvary is known for.”

The Morelock family and Calvary senior management team invested alongside Mason Wells. Ally Corporate Finance provided financing for the transaction. Godfrey & Kahn represented Mason Wells as legal counsel.

Calvary Industries provides custom specialty chemical solutions across diverse end markets. The Company operates globally with facilities and distribution points in the United States and Mexico. For more information, please visit the Calvary website at www.calvaryindustries.com.

Mason Wells is a leading Midwest-based private equity firm that has raised $2.4 billion in aggregate across five independent buyout funds. The firm is currently investing out of Mason Wells Buyout Fund V, LP, a $767 million fund. Since Mason Wells was formed in 1998, its buyout funds have invested in four specific industry sectors: Consumer Packaged Goods, Outsourced Business Services, Engineered Products & Services, and Packaging Materials & Converting. For more information related to Mason Wells, please visit the firm’s website at www.masonwells.com.