Denver-based equity firm Platte River Equity said today has acquired majority interest in a 30-year old Georgia company that specializes in chemical manufacturing of applications used in the oil field, water treatment, mining, coatings and agricultural markets.

Platte River acquired MFG Chemical, a Dalton, Georgia-based company. The founder of MFG, Charles Gavin, III, will maintain a minority equity interest in the company.

Platte River Equity managing director Kris Whalen said his firm was attracted to the Georgia company because it's a niche supplier to small and global chemical companies.

The terms of the deal were not released. But Platte River invested out of its third fund, Platte River Equity III LP, to acquire MFG. The firm is focused on equity investments from $20 million to $80 million in lower middle market operating companies with enterprise values generally between $40 million and $250 million.

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