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Salt Lake City – Tex Tech Industries, Inc., has acquired Chapman Innovations and Chapman Innovations’ flagship brand CarbonX. Chapman Innovations is a portfolio company of Banyan Ventures. Chapman will operate as a wholly owned subsidiary with the same team members and Salt Lake City location. All operational procedures will remain unchanged.
Tex Tech, a developer and manufacturer of engineered materials, is a ShoreView Industries portfolio company headquartered in Portland, Maine. ShoreView assisted Tex Tech in the acquisition of Chapman Innovations.
Chapman Innovations was founded in Salt Lake City, Utah, in 1998. The company develops, produces, and markets thermal fabric solutions under the brand CarbonX. Also based in Salt Lake City, Banyan assumed majority ownership and management control of Chapman Innovations in 2003, the same year that Banyan was founded. Chapman Innovations was one of Banyan’s first investments. Banyan recapitalized the company, established a new management team to support the company’s growth strategy, and helped develop and refine the company’s manufacturing, marketing, sales, distribution, and administrative processes.
“Chapman Innovations looks forward to being a part of the Tex Tech family of companies,” said Tyler Thatcher, president of Chapman Innovations and a Banyan Ventures managing director. “Tex Tech’s global distribution platform and sophisticated in-house engineering, testing, and manufacturing capabilities will enable Chapman Innovations to bring new products to the market more quickly.”