 |
|
|
|
|
|
 
 |
|
|
AVChem, Inc., a Boeing Ventures spin-out, is well positioned for growth in the chemical management services market.
ST. LOUIS, Feb. 7, 2003 – AVChem, Inc, a rapidly growing leader in chemical management services, announced today the successful closing of a $2.5 million new venture capital financing led by Gateway Associates.
Gateway was joined in this Series B round by Bush O’Donnell Capital Partners LLC, both prominent investment companies located in St. Louis.
"We are excited about our partnerships with Gateway, Bush O’Donnell and Boeing Ventures, our original investor. With these supporters, AVChem is strongly positioned to continue adding to our growing list of customers," said Mark Reighard, President and CEO of AVChem.
AVChem delivers a wide range of chemical management services to its customers. The company frees its customers from the “non-core” pain of acquiring, storing, distributing, and tracking the usage of chemical products, while concurrently reducing their total cost of ownership and allowing them to focus on their core business.
"AVChem participates in one of the leading growth segments of the economy – business process outsourcing and represents the optimal investment mix for us," said Mark B. Lewis, Partner at Gateway Associates. "The AVChem management team has significant domain expertise, the company’s services alleviate real pain their customers experience daily, and AVChem is a market leader." Mr. Lewis will be joining the company’s Board of Directors as will Scott Fesler, Principal of Bush O’Donnell. Gateway invested funds in AVChem that it manages under the Missouri CapCo program.
The company will utilize the new capital to increase its sales and marketing efforts within and beyond the aerospace industry. AVChem will also continue to improve their automated systems for procurement, inventory management, chemical tracking, and on-line customer service to improve efficiency, enhance scalability, and increase value to its customers.
About AVChem
AVChem is the premier chemical management services provider to the aerospace industry. AVChem applies proven systems and lean processes to assist customers in improving their environmental performance, assuring regulatory compliance and reducing risk, while cutting their overall operating expense. AVChem was launched in 2001, through Boeing Ventures which serves as an incubator for new business initiatives. It is one of the first ventures to emerge from the Chairman’s Innovation Initiative that was designed to generate new business activities based on entrepreneurial business concepts from Boeing employees. AVChem, headquartered in St. Louis, has facilities in St. Louis, Philadelphia, San Antonio, and Seattle. For additional information, visit the website at www.avchem.com.
About Gateway Associates
Gateway Associates, one of the most well-established venture capital firms in the Midwest, was founded in 1984 to further the development of high-growth companies. Gateway focuses its investment activities in enterprise services and software, transaction processing, advanced manufacturing systems and next-generation medical and information technologies. The firm is currently investing funds under the Missouri CAPCO program. The firm's portfolio investments have included such well-known companies as BMC Software (NYSE: BMC), CyberSource (NASD: CYBS), D&K Healthcare Resources (NASD: DKWD), NetSolve (NASD: NTSL), Novellus Systems (NASD: NVLS), RehabCare (NYSE: RHB), Tivoli Systems (formerly NASD: TIVS / acquired by IBM), and Transaction Network Services (formerly NYSE: TNS). For additional information, visit the website at www.gatewayventures.com.
About Bush O’Donnell
Bush O'Donnell is a holding company headquartered in St. Louis with interests in Investment Management, Insurance, Manufacturing and private equity investments. Since 1988 its principals have been actively investing in a wide range of publicly and privately owned businesses.
About Boeing Ventures
Boeing Ventures is the new business incubator for The Boeing Company chartered to leverage the company’s global aerospace leadership and rich technology portfolio into new market opportunities. Boeing Ventures manages the Chairman’s Innovation Initiative which focuses on creating new ventures based on the company’s intellectual capital assets and the business-building concepts of Boeing employees.
| back to News |
|
|
|
|
|
|
|
|