January 2020

Southport, CT


Carter Morse & Goodrich ("CMG") is pleased to announce that it served as the exclusive financial advisor to Cranston Print Works ("CPW") in the divestiture of its Bercen Chemicals division to Vertellus, a global specialty chemical company.

Founded in 1958, Bercen was a division of Rhode Island based CPW, an employee owned company since 1987.  Bercen is a leading US supplier of alkyl succinic anhydrides and additives used in the fuel, lubricant, and paper industries. Based in Denham Springs, Louisiana, Bercen supplies maleic anhydride derivatives primarily for paper sizing and other industrial applications. 

Vertellus is a leading provider of specialty chemicals for the agriculture, nutrition, pharmaceutical, fine chemicals, medical, personal care, plastics, coatings and other industrial markets. Vertellus products are in items used every day - toothpaste, deodorants, vitamins, pharmaceuticals, detergents, plastics, adhesives, inks, tires and more. Vertellus has more than 800 employees and 10 manufacturing plants around the world, including in the US, Europe, China and India.

 "This transaction is a terrific outcome for all our stakeholders," noted Fred Rockefeller, Cranston's Chairman. Vertellus' investment in Bercen will enhance the prospects for continued expansion at this strategic Louisiana site while also serving to secure the pension and ESOP benefits for all the company's current and former employee-owners. 

 "This acquisition expands the range of products that Vertellus is able to offer to the North American market and is extremely complementary with Vertellus' current capabilities" said Jim Elliott, General Manager of Vertellus' Anhydrides & Specialties business. "The acquisition also provides us with a strong foundation to better serve the global fuel and lubricant additives market".

Frank Morse, Managing Director of CMG, explained, "CPW has been a valued client for over 15 years and the divestiture of the Bercen division is an important transaction in maximizing and monetizing shareholder value for this employee-owned company. It has been an honor and privilege to assist CPW and the Bercen management team over the years."    

Other transaction advisors for Bercen include Steven M. McInnis, Esq who served as the company's legal advisor, River & Mercantile, who served as pension advisors and Sansaveri, Kimball CPA, who are the company's tax advisors.




About Carter Morse & Goodrich:

Located in Southport, Connecticut, Carter Morse & Goodrich is a boutique M&A advisory firm that represents founder-led and family-held businesses valued between $20 million and $200 million.  





CMG specializes in helping owners of leading companies in unique and niche markets plan, prepare, execute and close successful transactions that maximize shareholder value. We fully understand and appreciate the special dynamics of closely-held and family businesses and the importance of their legacies.



For more than 30 years, the combination of our hands-on approach, senior banker attention, strategic guidance, seamless transaction execution and extensive network of domestic and international resources has enabled us to become a trusted advisor to hundreds of business owners.



We invite you talk with us and learn how we can help you. For more information, please visit us online at: www.cartermorse.com



CMG's Broker/Dealer affiliate, Carter Capital Corporation, is a FINRA member firm registered with the SEC and SIPC.