Equity Recapitalization Investment in Chemaid Completed
Posted: January 16, 2007
Chemaid Laboratories, Inc. announced that Wellspring Capital Management, a private equity firm, has completed an equity recapitalization investment in Chemaid as part of a staged plan for chartered future growth. This transaction will provide Chemaid Laboratories with a large capital base and management support for the continued expansion of research and product development facilities and production capacity. Terms of the transaction were not disclosed.
Daniel Rachmanis has been named CEO for the company. Most recently, Rachmanis was president of Fine Fragrance Americas for Firmenich. Prior to Firmenich, he served as chairman of Techpack (Alcan Group), handling all operations for the group in the Americas, and as president of SGD Glass (Saint Gobain).
"I am delighted to join the Chemaid Laboratories team and to leverage my past industry experience to further strengthen Chemaid Laboratories’ well established position as a leader in quality and service,” said Rachmanis. “Together with Wellspring Capital, we plan to expand the company’s production and service capacity and strengthen the infrastructure to better meet our customers’ expanding needs.”
Marc Reiner, who has been with Chemaid Laboratories for over 18 years, has been promoted from vice president to president of the company. As vice president, Reiner focused on transforming Chemaid Laboratories into the premier high-end contract manufacturer for the cosmetics industry. Roy Reiner, the company’s former president and CEO, will remain with Chemaid Laboratories in an active consulting capacity.