Polynt-Reichhold stock to be purchased by investment group

CARPENTERSVILLE - Black Diamond Capital Management LLC said it has agreed to repurchase shares in Polynt-Reichhold Group, making Black Diamond the company's controlling shareholder.

Headquartered in the U.K., Polynt-Reichhold is a specialty chemical manufacturer whose U.S. headquarters are in Carpentersville. Black Diamond and Investindustrial became partners in Polynt-Reichhold after the successful merger of Polynt and Reichhold in May 2017.

Black Diamond said one of its portfolio companies, Specialty Chemicals International Limited, has agreed to repurchase Investindustrial's shares in Polynt-Reichhold, making it the majority owner. The transaction is expected to close within six months, pending all necessary regulatory approvals, the company said.

"We are extremely pleased with what management has been able to achieve with Polynt-Reichhold thus far and are looking forward to supporting them for the next phase of growth," said Steve Deckoff, Black Diamond's managing principal.