Key Takeaways
- • Diamond Chemical Company, a Graycliff Partners portfolio company, has acquired Nyco Products Company, a 106-year-old specialty chemicals manufacturer headquartered in Countryside, Illinois, marking a significant platform consolidation in the institutional cleaning chemicals sector.
- • Nyco manufactures over 450 stock and custom formulations across cleaners, disinfectants, sanitizers, and floor care products, with nationally recognized brands including Marvalosa, e.logical, Chem-Prix, and Zing, serving janitorial, food processing, healthcare, and education markets through an established distributor network.
- • The combined entity will operate a vertically integrated manufacturing footprint spanning East and West coasts plus a new Midwest node, producing over four million pounds of product weekly and positioning the platform for scaled distribution across institutional and industrial end markets.
- • The global industrial and institutional cleaning chemicals market generated approximately $80 billion in revenue in 2024 and is projected to expand at an 8.6% compound annual growth rate through 2033, with disinfectants and sanitizers accelerating at 8.4% CAGR, driven by heightened hygiene standards across healthcare, food processing, and hospitality sectors.
- • Graycliff's July 2024 investment in Diamond as a lower middle market platform company has expanded to include Nyco's Midwest manufacturing operations and distributor relationships, representing the type of add-on acquisition strategy the firm designed into the platform from inception.
Summary
Diamond Chemical Company, a Graycliff Partners portfolio company headquartered in East Rutherford, New Jersey, has completed its acquisition of Nyco Products Company, a Countryside, Illinois-based specialty chemicals manufacturer with over a century of operating history. The transaction combines two established players in the institutional cleaning chemicals sector and extends Diamond's geographic and product footprint across North America.
Nyco, founded in 1920 as the Nyhan Company by Vince Nyhan, initially operated as a supplier of bottled water and powdered cleanser before evolving into a comprehensive specialty chemicals platform. The company manufactures more than 450 stock and custom formulations across cleaners, disinfectants, sanitizers, and floor care products, serving distributors and end-users in facility maintenance, janitorial, food processing, healthcare, and education markets. Its portfolio includes proprietary brands such as Marvalosa, e.logical, Chem-Prix, and Zing, alongside a private labeling program called Building Better Brands that enables distribution partners to develop custom-labeled product lines. The company has operated from a 65,000-square-foot facility near Chicago since 1998. Nyco's former CEO Bob Stahurski Sr., who built the company's distributor relationships and served as president of the International Sanitary Supply Association in 2009, is retiring in connection with the transaction.
Diamond Chemical, founded in 1930 by Jacob Diamond, manufactures soaps, detergents, and warewash chemicals for hospitality, food service, commercial laundry, and industrial end markets, serving more than 1,000 customers across laundry, warewash, housekeeping, floor care, sanitizing, and pool care. The company operates a vertically integrated manufacturing footprint producing over four million pounds of product weekly from East and West Coast facilities, with in-house blow-molded container production, automated filling capabilities, on-premises rail siding, company-owned logistics, and bulk storage infrastructure. CEO Wesley Alves, appointed in October 2025, described the combination as transformative, citing Nyco's deep formulation expertise, established brand portfolio, and Midwest manufacturing footprint as complementary to Diamond's coastal operations and customer base.
Graycliff Partners invested in Diamond in July 2024 as part of a lower middle market platform strategy targeting niche manufacturing and value-added distribution businesses. The firm, headquartered in New York and formed in December 2011 as a spin-off from HSBC Capital, manages dedicated equity and credit funds with typical per-company investments between $10 million and $50 million. Graycliff's most recent fund, Graycliff Private Equity Partners V LP, closed in October 2023 at its $600 million hard cap. Matt Smith, a principal at Graycliff, noted that the acquisition adds Nyco's established customer base and Midwest manufacturing node to a platform Graycliff designed for add-on acquisitions from inception, positioning the combined organization for the next phase of growth.
The transaction occurs within a favorable market backdrop. The global industrial and institutional cleaning chemicals market generated approximately $80 billion in revenue in 2024 and is projected to reach $167 billion by 2033, representing a compound annual growth rate of 8.6%, according to Grand View Research. Disinfectants and sanitizers comprise the fastest-growing product category, expanding at 8.4% CAGR through 2033, driven by heightened hygiene standards across healthcare, food processing, and hospitality environments. North America accounted for 33% of global market revenue in 2024, reflecting the region's institutional customer base and stringent regulatory environment.
Nyco, founded in 1920 as the Nyhan Company by Vince Nyhan, initially operated as a supplier of bottled water and powdered cleanser before evolving into a comprehensive specialty chemicals platform. The company manufactures more than 450 stock and custom formulations across cleaners, disinfectants, sanitizers, and floor care products, serving distributors and end-users in facility maintenance, janitorial, food processing, healthcare, and education markets. Its portfolio includes proprietary brands such as Marvalosa, e.logical, Chem-Prix, and Zing, alongside a private labeling program called Building Better Brands that enables distribution partners to develop custom-labeled product lines. The company has operated from a 65,000-square-foot facility near Chicago since 1998. Nyco's former CEO Bob Stahurski Sr., who built the company's distributor relationships and served as president of the International Sanitary Supply Association in 2009, is retiring in connection with the transaction.
Diamond Chemical, founded in 1930 by Jacob Diamond, manufactures soaps, detergents, and warewash chemicals for hospitality, food service, commercial laundry, and industrial end markets, serving more than 1,000 customers across laundry, warewash, housekeeping, floor care, sanitizing, and pool care. The company operates a vertically integrated manufacturing footprint producing over four million pounds of product weekly from East and West Coast facilities, with in-house blow-molded container production, automated filling capabilities, on-premises rail siding, company-owned logistics, and bulk storage infrastructure. CEO Wesley Alves, appointed in October 2025, described the combination as transformative, citing Nyco's deep formulation expertise, established brand portfolio, and Midwest manufacturing footprint as complementary to Diamond's coastal operations and customer base.
Graycliff Partners invested in Diamond in July 2024 as part of a lower middle market platform strategy targeting niche manufacturing and value-added distribution businesses. The firm, headquartered in New York and formed in December 2011 as a spin-off from HSBC Capital, manages dedicated equity and credit funds with typical per-company investments between $10 million and $50 million. Graycliff's most recent fund, Graycliff Private Equity Partners V LP, closed in October 2023 at its $600 million hard cap. Matt Smith, a principal at Graycliff, noted that the acquisition adds Nyco's established customer base and Midwest manufacturing node to a platform Graycliff designed for add-on acquisitions from inception, positioning the combined organization for the next phase of growth.
The transaction occurs within a favorable market backdrop. The global industrial and institutional cleaning chemicals market generated approximately $80 billion in revenue in 2024 and is projected to reach $167 billion by 2033, representing a compound annual growth rate of 8.6%, according to Grand View Research. Disinfectants and sanitizers comprise the fastest-growing product category, expanding at 8.4% CAGR through 2033, driven by heightened hygiene standards across healthcare, food processing, and hospitality environments. North America accounted for 33% of global market revenue in 2024, reflecting the region's institutional customer base and stringent regulatory environment.
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