Windjammer Capital has acquired MFG Chemical, a developer and manufacturer of specialty chemicals that supplies customers across water treatment and industrial coatings, the firm said. The deal adds another platform investment for Windjammer in engineered, mission-critical industrial products and positions MFG for an expansion plan centered on operational improvements, new product development, and potential add-on acquisitions.
MFG was founded in 1980 and is headquartered in Chattanooga, Tennessee. The company develops complex, customized chemistries for a range of applications, with capabilities spanning formulation, manufacturing, and customer support. Windjammer said MFG is known for technical formulation expertise, flexible manufacturing, and long-standing customer relationships—attributes the private equity firm cited as differentiators in niche specialty chemical markets where performance requirements and reliability often drive repeat purchasing.
Windjammer acquired MFG from Platte River Equity. Financial terms were not disclosed.
The new ownership group said it plans to support MFG’s next phase of growth by investing in operational excellence initiatives, continuing to broaden the product portfolio, expanding into additional end markets, and pursuing strategic acquisitions that can deepen capabilities or extend reach. Windjammer also emphasized MFG’s role as a platform within specialty chemicals, pointing to the company’s ability to develop and manufacture complex chemistries for critical customer applications.
MFG’s product set includes polymers, surfactants, and other specialty chemicals, and the company offers custom chemical manufacturing services that can be tailored to customer specifications. With in-house chemists and engineers, MFG supports development and production workflows that can range from formulation and scale-up through full manufacturing, depending on customer needs. Windjammer said these capabilities, combined with MFG’s customer relationships, provide a foundation for durable growth as the company invests in both people and production capabilities.
Support: Advisors on the transaction included Piper Sandler & Co as exclusive financial advisor to Windjammer and Kirkland & Ellis as legal counsel. Grace Matthews served as financial advisor to the sellers, and Bartlit Beck acted as legal counsel to the sellers.
KEY QUOTES
“MFG Chemical is highly aligned with Windjammer’s strategy of partnering with engineering and material science driven niche market leaders that provide mission-critical products and services. The company’s differentiated formulation capabilities and strong customer relationships provide a solid foundation for long-term growth.”
Rob Quandt, Managing Director, Windjammer Capital
“We are excited to partner with Windjammer as we build on MFG’s more than four decades of history. Windjammer’s experience scaling industrial manufacturing businesses and their collaborative approach make them an ideal partner as we continue to invest in our people, expand our capabilities, and serve our customers.”
Paul Turgeon, Chief Executive Officer, MFG Chemical
“MFG’s ability to develop and manufacture complex chemistries for critical applications makes it an attractive platform within specialty chemicals. We look forward to partnering with the management team to support the company’s next phase of growth.”
Greg Bondick, Managing Principal, Windjammer Capital
