The Chemical Business Association (CBA) today announced an important expansion of its regulatory services with the acquisition of ReFaC – the REACH Facilitation Company.
The acquisition, for an undisclosed sum, was completed on 21st May 2013.
Formed in June 2006, ReFaC to provide cost-effective REACH compliance services to CBA member companies. Since this date, ReFaC has grown into a profitable company with a client-list which now includes non-CBA member companies many of which are located overseas. ReFaC’s specialist staff are unaffected by the acquisition and will continue to be based within the CBA’s offices in Crewe.
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ReFaC Chairman, Mike Smith, said, “This acquisition by CBA is an evolutionary step for ReFaC which allows it to continue to grow its portfolio of compliance services and its customer base. Importantly, the acquisition provides ReFaC’s existing clients with a seamless transition in terms of regulatory compliance services. The transaction also provides the company’s shareholders, who sold their holdings at face value without a premium, with an acceptable post dividend return on their initial investment.”
Dr Neville Prior, CBA President and Chairman of the new ReFaC board of directors, said, “The acquisition makes strategic sense for CBA. As a specialist subsidiary company, ReFaC further develops the CBA brand and underlines the Association’s long-term commitment to minimising the cost of regulatory compliance. RefaC also provides a new and significant income stream for CBA. Current and new CBA member companies will be entitled to a 15% discount on ReFaC fees.”
Appointments to the new board of ReFaC were made on 20 May 2013. The new board is: Dr Neville Prior, Chairman; Peter Newport, Managing Director and Company Secretary; Andrew Mitchell, Finance Director; and Reg Warren, Director.
Further information from
Peter Newport
Chief Executive, CBA
01270 258200
www.chemical.org.uk
