Fairfield, OH & New York, NY, March 8, 2022 – Tedia Company, LLC (Tedia) today announced they have entered into a partnership with NewHold Enterprises, LLC (NewHold) through a strategic investment on March 4, 2022. Tedia is the largest manufacturer of OEM high-purity solvents in North America, selling its products in more than 30 countries for life science, biotechnology, pharmaceutical and laboratory applications.
NewHold will provide capital, as well as industry expertise, and intends to leverage its platform to strategically enhance Tedia’s capabilities and capacity. Tedia will gain significant financial, operational and tactical resources to fund accelerated growth and position the company for its next phase.
“This partnership is an important milestone for the company and our Tedia family. Several years ago, Tedia owners recognized that targeted growth opportunities, in our key markets and with our existing customers, would require significant investment and a partner with additional resources,” said Hoon Choi, President of Tedia. “We are thrilled to partner with NewHold and Tyler Ellison, who share our vision for growth as well as our values.”
NewHold is a long-term holding company and investment firm that partners with middle market industrial and business services companies on their long-term path to growth. NewHold leverages capital investment and industry experience to assist companies in organic and acquisitive growth to achieve long-term goals. The investment in Tedia represents NewHold’s fourth platform.
“We have been working with Tyler Ellison, the former CEO of Nova Molecular Technologies, since 2020, in an effort to find a great platform in the science-focused, specialty chemicals sector. We couldn’t be happier to be partnering with Tedia to form the core of this platform. The long history of family ownership, deeply experienced employees and reputation for product quality, position Tedia exceptionally well for future growth,” said Charles Goldman, Co-Chairman of NewHold.
Tyler Ellison will become CEO, bringing 16 years of executive and leadership experience in the chemical space, most recently as CEO of Nova Molecular Technologies. “I am thrilled to join the Tedia team. In partnership with NewHold, we are looking forward to achieving this next phase of growth for Tedia – expanding capacity and investing in supply chain capabilities as well as new products and markets,” said Tyler Ellison.
As part of the transaction, current CEO, Hoon Choi will transition to Chief Innovation Officer & President Emeritus. The founding family and owners will continue to remain owners in the company and retain leadership positions.
Baird Business Owner Solutions and Thompson Hine LLP were advisors to Tedia on the transaction.
Tedia is the largest manufacturer of OEM high-purity solvents in North America, selling its products in more than 30 countries. Tedia is a customer-driven company that excels in providing high-purity solvents for life science, biotechnology, pharmaceutical, laboratory, and industrial applications. Founded in 1975 by Moon Su “Richard” Park, Tedia is headquartered in Fairfield, OH, and has over 100 employees today. The company successfully sold its China operations to Shanghai Titan Scientific Company in December 2021. Learn more at www.tedia.com.
NewHold Enterprises, LLC is a holding company focused on long-term ownership and growth of North American, middle-market industrial and business services companies. Established in 2017, NewHold operates through platforms which are built via organic growth and strategic acquisitions. Each platform strategy is led by an experienced industry executive and is focused on sustained growth and long-term value creation for all stakeholders including employees, customers, suppliers and the communities in which our companies operate. NewHold’s investors consist primarily of family offices seeking long-term capital appreciation through ownership and growth of middle-market, industry-leading companies. Learn more at www.newhold.com.