Magnablend, Inc., a Waxahachie, Texas-based provider of custom chemical manufacturing, blending, packaging and technical formulations, primarily serving the oil and gas, agricultural, and water treatment industries, has received an equity investment of undisclosed amount.
Following the transaction, Magnablend will continue to be led by CEO, Scott Pendery, who will remain a significant shareholder in the company.
The company intends to use the proceeds from the investment to continue to expand its capabilities and geographic presence, domestically and abroad. The recapitalization will also provide liquidity for Magnablend’s founding shareholders, David and Darlene Pendery.
Founded in 1979, the company today operates eight facilities in in Texas, Pennsylvania, Wyoming, and North Dakota establishing itself as a leading powder and liquid blender for the oil field service and agricultural markets.