Harvey & Company Invests in Automotive Specialty Chemical Industry; Initiates Buyout of The Penray Companies

Harvey & Company Invests in Automotive Specialty Chemical Industry; Initiates Buyout of The Penray Companies

Harvey & Company initiated and invested in the management buyout of The Penray Companies in December 2011. Below is the press release following the transaction:

Source Capital Backs Penray Management in Acquisition of Business

January 11, 2011

Elk Grove Village, IL – Source Capital, an Atlanta- and San Francisco-based private equity firm, is backing the management of The Penray Companies in acquiring the business.

Joining Source Capital as equity partners in this transaction are Howard Laga, president of Penray, and Randy Fowler, vice president of sales and marketing. Both will continue in their current leadership roles. Source Capital targets healthy, growing companies seeking a growth-oriented partner, focusing on adding value through a hands-on approach of prioritizing and executing strategic initiatives with management.

“Source Capital brings to Penray a talented team of professionals with a successful record of investing and operational experience that will accelerate the execution of our company’s growth and strategic objectives,” said Laga. “We are excited to partner with Source Capital and look forward to adding significant value to our business with their support of our market development and operational improvement programs.”