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Keystone Aniline Corporation

Chicago, Illinois and Southfield, Michigan – April 2017 – P&M Corporate Finance, LLC (“PMCF”) is pleased to announce that it served as the exclusive financial advisor to Keystone Aniline Corporation and its Keystone Europe Limited subsidiary (collectively, the “Company” or “Keystone”) in the sale of its assets to Milliken & Company (“Milliken”), a global diversified industrial technology company with expertise across a breadth of disciplines, including specialty chemicals, floor covering and performance materials.

Founded in 1920 and based in Chicago, Illinois with additional locations in Inman, South Carolina and Huddersfield, England, Keystone is a leader in the dye and pigment colorants market, as a rare integrated provider of both dyes and pigments. Keystone has carved out a unique position in the colorant sector by combining strengths in custom formulation, product design and regulatory support for its diverse customer base. Keystone has deep industry expertise across multiple segments, including plastics; agriculture; industrial color compounding (“ICC”); and inks, coatings and paper.

John Andrews, CEO of Keystone, remarked, “As a multi-generation family business, the continuation of the legacy built by the Andrews’ family was at the forefront of our minds as we discussed a potential transaction with Milliken. We quickly learned that Milliken, also a longtime family-owned business, shared a similar culture toward its employees and customers.” Mr. Andrews added, “Keystone’s fundamental core competency is our ability to provide strong technical support to our customers employing bespoke solutions such as custom formulations, specialty processing and specialty packaging. We believe Keystone will allow Milliken to enhance and significantly grow its mainstream color capabilities while Milliken’s global recognition and presence will accelerate Keystone’s growth across key markets.” 

PMCF was hired to serve as Keystone’s investment banker and lead the sale process. Mr. Andrews noted, “When we began the process, we were aware of the need for a financial advisor with the technical expertise to navigate the intricacies of a transaction and guide us through this complex process. However, as important to us was a team that truly appreciated the importance of a transaction to the Keystone legacy. We found both with the PMCF team, who shepherded us through every step of this journey, and are extremely happy with the final outcome.”

The transaction closed on April 12, 2017.


PMCF is a middle-market investment bank providing merger and acquisition advisory services to companies in North America and Europe. PMCF provides a broad range of services including sale advisory, acquisition advisory, capital raising, and strategic advisory. The firm has dedicated industry teams providing services to industrials, business services, plastics and packaging, and medical technology industries. PMCF has offices in Chicago, Detroit, and globally through our ownership in Corporate Finance International™. For more information, visit www.pmcf.com.

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