United States – NexGen Chemical Technologies was sold by Black Bay Energy Capital to Foremark Performance Chemicals, one of SK Capital Partners’ portfolio companies.
The acquisition of NexGen by Foremark will allow ScavGen 1014, NexGen’s key chemical technology, to be manufactured at a quick scale.
In order to provide high-performing, distinctive chemical solutions for treating sour natural gas (also known as natural gas sweetening), Black Bay, Chris Williamson, and James Begeal launched NexGen in 2018. Since then, thanks to the multiple technical and financial benefits that ScavGen 1014 offers customers, NexGen has seen a considerable increase in market share, earnings, and profitability.
“Innovative, efficient, and economic technologies are required to enable the transition in energy and chemical markets. The NexGen team embraced these goals and built a world-class company and technology suite around this thesis,” said Tom Ambrose, Partner of Black Bay.
Fishman Haygood (Chip Saulsbury) and PPHB (Joe Buchanan) served as Black Bay and NexGen’s principal legal and financial advisors, respectively.