Business Description

Marsulex's business was the removal and sale of industrial by-products, mostly sulphuric acid, liquid sulphur dioxide and elemental sulphur from base metal smelters and oil refineries. In 1994 Harrowston purchased 47% of Marsulex for $13.3 million.

Investment Thesis

With the proper financial and strategic guidance, Marsulex could become a leader in the growing market for environmental services solutions.

Strategic Initiatives

Harrowston led the corporate development and strategic planning roles at Marsulex and arranged the capital needed to achieve a shift in focus from being a seller of industrial chemicals to a provider of environmental compliance services. Harrowston assisted management in developing a significant global acquisition strategy, expanding Marsulex's markets and capabilities.

Investment Results

In 1996, Marsulex completed a Toronto Stock Exchange IPO for proceeds of $52.5 million, valuing the total equity at $157 million. In 2001 Marsulex raised $167 million by creating a publicly traded income trust from a portion of its assets.

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