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Penrice expansion planned

Australian producer of soda ash Penrice Soda Products plans to expand under its new owner, venture capital group Castle Harlan Australian Mezzanine Partners (CHAMP).
CHAMP has just completed buying t…

Australian producer of soda ash Penrice Soda Products plans to expand under its new owner, venture capital group Castle Harlan Australian Mezzanine Partners (CHAMP). CHAMP has just completed buying the company for A$ 85 million from US agricultural chemical giant IMC Global. The soda ash producer generates annualized sales of A$ 120 million and employs 250 people at three locations. CHAMP, the Sydney-based manager of more than A$ 700 million in private equity capital, has backed recent management buyouts of other companies in Adelaide – Intercast & Forge and the Sheridan sheet company. Penrice executives, including chief executive David Reid, have also become equity investors in the buyout. Reid said he was looking forward to expanding production of soda ash and sodium bicarbonate from 320,000 tons and 50,000 tons respectively. Export demand for Penrice“s high-grade baking soda was leading the charge. CHAMP executive director Howard Morgan said the business had been capitalized to enable continued investment in plant and equipment to ensure continued growth.

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