Harvey & Company Initiates Acquisition of Red River Specialties by ADAPCO to Create Market Leader
Harvey & Company initiated the acquisition of Red River Specialties. Below is the press release following the transaction:
ADAPCO Acquires Red River Specialties, Combining Two Outstanding Market Leaders in Herbicide and Pesticide Specialty Chemical Distribution
December 20, 2009
Sanford, FL – On December 20, 2009, ADAPCO, a portfolio company of Calvert Street Capital Partners Fund III, acquired Red River Specialties, creating a sizeable, diversified value-added distributor and marketer of specialized pesticide and herbicide products to professional customers. ADAPCO and Red River are now the leading distributors of pesticide chemicals in the markets of mosquito control, forestry and industrial vegetative management. The combined company is uniquely positioned for continued organic growth in its core markets as well as extending its product offerings into new markets and applications.
Steve Burt, ADAPCO’s President and CEO, commented, “The combination of ADAPCO and Red River creates a substantial market leading company serving the highly specialized pesticide and herbicide markets. Complementing these market leading positions, each company has successfully built strong brand equity in their respective product and geographic markets. We look forward to continuing to support these outstanding brands as well as our excellent relationships with both our suppliers and our customers.”
Mike Cage of Red River Specialities added: “By combining with ADAPCO we join forces with a strategic partner that has a common philosophy and the capital and infrastructure to allow us to continue to expand our franchise and better serve our suppliers and customers.”
Aidan Riordan, a Partner with Calvert Street, said, “Our investment in ADAPCO is an excellent example of our core investment approach: partnering with outstanding management teams to execute a buy and build strategy to create larger institutional enterprises. We look forward to continuing to work with Steve Burt and his team in executing this growth strategy with these two excellent companies.”