Chicago-based PE investor Merit Capital has recapitalized Crown Products & Services, a specialty chemical manufacturer. The Lenox Group acted as exclusive financial advisor to Crown in the transaction. The Indianapolis, IN-based company specializes in the formulation and application of proprietary specialty chemicals involved in the handling of various raw materials for the coal, steel and utility industries. Crown's founding management will retain significant ownership positions as co-investors with the firm. Through five institutionally sponsored limited partnerships, Merit makes mezzanine and equity capital investments in middle-market companies, principally in the manufacturing, distribution and services industries.