Edgewater Capital Partners has sold FAR Chemical to CPS Performance Materials. The terms of the acquisition were not disclosed. FAR is an industry leader in the development and production of specialty organic chemicals for customers in industries including pharmaceuticals, composites, coatings, electronics, flavors, fragrances and personal care. Bob Girton, a partner at Edgewater, said in a statement, "Thank you to the FAR team for driving the growth and success during our ownership. We're excited to see the organization's continued success and believe the CPS platform will further strengthen FAR's ability to support its customers through its unique capabilities and chemistries." Jeremy Steinfink, president and CEO of CPS, said in a statement, "The combination of FAR with CPS's specialty chemical and cGMP manufacturing capability will enable us to broaden our offerings to pharmaceutical, advanced composites, CASE and personal care customers." Seaport Global Securities LLC acted as financial adviser to Edgewater. Balmoral Advisors acted as financial adviser to Arsenal and CPS.
