Western Emulsions Opens Manufacturing Plant in Roswell, New Mexico
Roswell, NM - May 4, 2009 - Western Emulsions, Inc. ("Western Emulsions"), a leading innovator and supplier of asphalt emulsions products used for pavement preservation, repair and restoration, today announced the completion and opening of a new emulsions manufacturing and asphalt storage facility located on a 15-acre rail-served site within Roswell Industrial Air Park in New Mexico.
"Western Emulsions' latest business investment in New Mexico follows more than a decade of successful service to the State Department of Transportation, and a host of County and City agencies," said President and CEO Robert Koleas. "Our Roswell facility offers a strategic location to most effectively supply our products throughout the state, as well as in West Texas and Oklahoma," said Koleas.
Western Emulsions evaluated a number of locations, but chose the Roswell location due to Governor Richardson's commitment to the enhancement of infrastructure and economic development along the US Highway 70 corridor (known as the GRIP project). Koleas added that the facility will initially employ seven full-time staff, while manufacturing and sales activities will play a role in boosting business for regional asphalt transportation companies, paving contracting firms, and other ancillary services.
For over thirty years, Western Emulsions' proprietary and other emulsion products have been helping government agencies and private companies maintain and extend the useful life of roads and highways while providing maximum "bang for the buck" for constrained transportation budgets.
Western Emulsions continues to benefit from the increasing embrace of pavement preservation as a way to cost-effectively improve the nation's deteriorating roads and highways, and doing so in an environmentally friendly manner. Most noteworthy to public agencies and their constituents, the company's proprietary emulsion products achieve the benefits of pavement preservation without incorporating the use of harmful solvents and fuels.
As part of its grand opening, the company staged a demonstration of leading edge 'Warm Mix' asphalt paving technology, paving the new facility's parking lot with an innovative asphalt mix that requires less energy and heat, substantially reducing the generation of greenhouse gasses in the environment.
About Western Emulsions
Western Emulsions (www.westernemulsions.com), based in Tucson, AZ with additional operations in CA and NV, is a leading innovator and supplier of specialty patented and standard asphalt emulsions and raw asphalt used for pavement preservation, repair and restoration projects. Customers include: (i) federal agencies, such as those for roads, highways and airports; (ii) state and local agencies, such as county and municipal public works departments; (iii) private entities, such as independent businesses; and (iv) intermodal consultation groups, such as government agencies who manage the highway infrastructure. The Company was acquired by Marwit Capital in June 2008, in partnership with the Company's senior management team, providing growth capital and management expertise to drive an expansion strategy.
About Marwit Capital
Marwit (www.marwit.com) is one of the oldest and most experienced private equity firms in the Western U.S. Founded in 1962 and based in Southern California, Marwit invests in lower middle market businesses that are leaders in niche markets. Employing a collaborative operational focus, Marwit targets investments headquartered in the Western U.S. with revenues of $20-200 million, EBITDA of $3-15 million, and enterprise value up to $100 million, at the time of acquisition. Marwit partners with experienced CEOs and management teams to complete buyouts and provide growth capital for expansion investments. Marwit generally invests $10-30 million of equity capital per platform investment, in one or a series of investments, and has invested more than $250 million since 1995. Marwit is currently investing out of Marwit Capital Partners II, a $183.7 million fund.
###
MEDIA CONTACT:
Phil Vandermost
Western Emulsions
(949) 248-8020