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Specialty Polymer Formulation Company
A sole-operator polymer formulation business with proprietary products including a low-permeation gasoline tank material, self-healing military targeting polymers, and a thermal imaging masking compound in Department of Defense trials.
Business Highlights
- Proprietary gasoline tank material with the lowest permeation available on the market
- Self-healing targeting polymers developed for military applications
- A thermal imaging masking compound currently in Department of Defense trials
- Revenue comes from custom formulation, tolling and consulting rather than from a single product line
- Profitability has improved year on year across the last three reporting years
Considerations / Questions to Ask
- This is a sole operator business built on one person's formulation knowledge. What is documented, and what walks out the door with the owner?
- Are the formulations patented, or held as trade secrets? The answer changes what is actually being bought.
- DOD trials are not contracts. What is the realistic path to revenue, and over what timeline?
- Revenue has been higher in the past than it is now. Establish what caused the decline.
- The company website domain is parked and listed for sale. Ask why before anything else.
- Tolling and consulting are capacity-limited by one person. What does the work look like without them?
Opportunities
- Proprietary formulations in defence adjacent applications carry pricing power that commodity chemistry does not
- A DOD trial that converts would change the scale of the business entirely
- Revenue has been meaningfully higher before, so the capacity to regrow is demonstrated rather than theoretical
- A sole operator has never had a business development function, which is the obvious first hire