Western Emulsions to Operate Emulsions Manufacturing Plant in Billings, MT
Billings, MT -- May 6, 2009 -- Western Emulsions, Inc. ("Western Emulsions"), a leading innovator and supplier of asphalt emulsions products used for pavement preservation, repair and restoration, announced today it has agreed to lease and operate an existing emulsions manufacturing plant owned by SemMaterials Energy Partners in Billings, Montana.
According to Robert Koleas, President and CEO of Tucson, AZ-based Western Emulsions, the plant is among the largest emulsions manufacturing facilities in the Northwest. "The Montana location provides our company with unprecedented distribution reach, as well as 18,000 tons of asphalt and emulsions storage capacity," said Koleas.
Koleas added that Western Emulsions will retain the facility's seven employees, ensure the uninterrupted supply of emulsion products to meet existing contracts, and begin manufacturing its own proprietary products to supply to customers throughout the Northern Pacific states, Idaho, Wyoming, Utah, and the Dakotas.
"We are delighted with the expansion of our operations, and pleased to welcome an outstanding group of employees to our growing team," stated Koleas.
The plant's Sales Manager, Sean Pellersels said, "Our entire team at the plant is excited to become part of Western Emulsions. Western's focus on innovative and environmentally conscious products that work in a broader range of temperatures makes for a great fit with our customers and our colder climate. We look forward to marketing and manufacturing Western Emulsions' line of proprietary emulsion products."
Koleas also noted that Western Emulsions' PASS emulsion is the road maintenance product of choice within Yellowstone National Park, underscoring the product's environmentally conscious formulation and effectiveness in cold temperatures.
Chris Britt, Managing Partner of Marwit Capital added, "The agreement with SemMaterials Energy Partners represents an important step in our growth strategy for Western Emulsions. The use of asphalt emulsions in road maintenance applications for both cost and ecological reasons is growing throughout the U.S., and our continued geographic expansion positions the company to capitalize on this trend." Britt noted that Western Emulsions opened a new plant in Roswell, NM only last week, and continues to evaluate additional expansion opportunities.
About Western Emulsions
Western Emulsions (www.westernemulsions.com), based in Tucson, AZ with additional operations in CA and NM, 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 WesternU.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 $4-15 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.