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Euston Ventures, has completed the acquisition of Hammond Chemicals, a leading supplier of blended industrial solvents, in a transaction supported by Shawbrook. As part of the transaction, Jim Ward will take over as CEO of Hammond Chemicals, and the third generation of the Hammond Family will continue in the business as part of the leadership team.
Established in 1969, Hammond Chemicals is a leading blender, packager, and distributor of industrial solvents. Based in the Midlands- the business provides a high quality, cost-effective service to customers who rely on their high-quality products to be delivered frequently and on time with certainty. With deep technical expertise gained over many years, Hammond is the go-to supplier for a large number of businesses in the region.
Having supplied solvents to customers for over 50 years, Hammond plays an essential role in its customers’ supply chain and operations – with many reliant on regular deliveries to ensure the running of their businesses.
In a transaction supported by Shawbrook, Hammond Chemicals has now been acquired by Euston Ventures, with the third generation of the family agreeing to continue to work in the business as part of the leadership team for the years to come. Seeking a swift transition of ownership, Euston – which has a history of acquiring speciality manufacturing, engineering, and technical service businesses – approached Shawbrook which provided a flexible Commercial Loan to complete the acquisition.
The acquisition was also supported by Search Fund investor and entrepreneur Jim Ward, who joins as Hammond’s new CEO. With a long and successful career in the chemical engineering and life sciences sectors, Jim’s detailed sector knowledge allowed for greater understanding of the business which was invaluable during the transaction process. He is now leading a programme of work in the business where essential investments are being made to support its future success.
- Mark Dominik at Euston Ventures
Mark Dominik at Euston Ventures, said:
“It’s been a pleasure working with the Hammond family and Jim Ward to support the next stage of development for this long-running family business. It is our intention to be thoughtful stewards of the heritage established by the Hammond family, and to continue to be the supplier of choice for customers in the West Midlands who need a reliable and responsive partner.
“We’d also like to thank Shawbrook, who we’ve worked with on other transactions over the past 12 months. Their continued support has led to a long lasting, fruitful relationship which meant we were able to move from IM to IOT in just a few days.”
Jim Ward, CEO, said:
“I am delighted to be taking the helm at Hammond Chemicals and look forward to working with the experienced and motivated team here as we transition this fantastic business to its next stage of growth.
“The move to Hammond is a very exciting opportunity for me as CEO of the business and I believe that we have built a strong partnership with Shawbrook, Euston and the Hammond family to take the business forward.”
Oliver Sutton at Shawbrook, said:
“We were more than happy to work with Euston again as they have a good understanding of our process. This was key in working with Hammond, as this enabled us to focus on deal structuring – something which was key throughout the credit process. As such, we were able to refine the structure to everyone’s satisfaction whilst keeping the closing process on track.”
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