Abstract
BARRY SIADAT, MANAGING DIRECTOR of Arsenal Capital Partners, wants to set straight those who think of private equity firms as birds of prey—or, even worse, scavengers. To him, private equity firms don't have to be companies that descend upon assets that no one wants and pick them apart to make a quick buck. They can add real value to an organization. And his company's philosophy is to create value by employing a strategy that, he says, many companies in the specialty chemical business have forgotten: staying special. Arsenal thinks this strategy has been working for Rutherford Chemicals, which it acquired from Cambrex in late 2003. In October, Arsenal upped the ante through its purchases of the small, private specialty chemical firms Reilly Industries and Velsicol Chemical. Seemingly overnight, Arsenal has become a significant owner of specialty chemical businesses. Together, Rutherford, Velsicol, and Reilly generate about $750 million in annual sales. Arsenal's portfolio also ...
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