The Edgewater Funds is pleased to announce it has formed a strategic alliance with Robert B. Covalt and Associates. This alliance is focused on buyout opportunities of high quality middle market companies in the Specialty Chemical Industry, with an emphasis on adhesives, sealants and coatings.

Mr. Covalt was Founder, Chairman, President and CEO of Sovereign Specialty Chemicals, Inc. and successfully led Sovereign’s growth from $0 to almost $400 million in revenues through a combination of nine acquisitions and organic growth. Prior to Sovereign, Mr. Covalt served as Morton International’s Corporate Executive Vice President and previous to that served as President of Morton’s Specialty Chemicals Group. As President, he led the growth of its specialty chemicals business from $175 million to $1.3 billion in sales and completed 13 acquisitions ranging in size from $3 to $170 million.

Former Sovereign executives, CFO John Mellett and Vice President Paul Gavlinski, are working with Mr. Covalt in this endeavor.

Scott Meadow, Partner with The Edgewater Funds, commented, “We are excited to be associated with a top notch group of executives. Bob, John and Paul are very experienced and have an outstanding track record. We view the Specialty Chemical Industry as an attractive investment area particularly given the large number of companies with sales of $25 to $300 million.”

Mr. Covalt added, “We are delighted to have an experienced financial partner who can assist us with our acquisition plans.”