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Sovereign

 

Sovereign was founded in 1996 by WCP and a well-known senior industry executive to acquire specialty chemical businesses in the highly-fragmented adhesives, sealants and coatings industries. By focusing on niche products in attractive markets, Sovereign quickly grew to more than $350 million in revenues. The company achieved substantial operational savings through on-site management, reorganization/cost improvements, focused research and development and technical service. In January of 2000, Sovereign was recapitalized in a $360 million transaction. At that time, Waud Capital Partners sold a significant portion of its interests but retained 20% of its investment in the newly recapitalized company. In December 2004, Sovereign was sold to Henkel Corporation for a transaction value of approximately $575 million.

  Industry:
Business & Technology Services - Specialty chemicals
  Headquarters:
Chicago, Illinois
  Date of Investment:   
March 1996
  Fund:
Pre-fund WCP Investment
  Date of Exit:
December 2004
Add-on Acquisitions
  • Packaging and Coatings Business of IMPAG AG of Switzerland 2001
  • Overprint Coatings business from Auchem 2000
  • Imperial Adhesives 2000
  • Croda Adhesives 2000
  • Flexible Packaging Coatings Division of Valspar Corporation April 1999
  • PL Brand Adhesives Division of ChemRex August 1998
  • Coatings & Adhesives Division of K.J. Quinn & Co. – June 1998
  • Adhesives, Sealants and Coatings, N.A. Division of Laporte PLC August 1997
  • Pierce & Stevens Corporation – August 1996
  • Adhesives Systems Division of B.F. Goodrich March 1996
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