10.02.17
Arsenal Capital Partners, a private equity firm that invests in middle-market specialty industrials and healthcare companies, on Monday announced that it has signed a "definitive agreement" to sell Accella Performance Materials, a North American specialty polyurethane platform, to Carlisle Companies Incorporated for $670 million.
Accella offers a broad range of polyurethane products and solutions across many markets and applications globally. The company, headquartered in Maryland Heights, Miss., has annualized revenue of approximately $430 million and operates out of 10 manufacturing facilities and seven R&D laboratories in the U.S., Germany, and China.
Roy Seroussi, a principal at Arsenal, said, “Since our initial investment in 2012, Accella’s revenue and EBITDA increased by 7x and 8x, respectively, through a focused organic growth strategy and nine strategic acquisitions. The company has become a market leader in several rapidly growing end markets, such as spray foam insulation, as well as roofing solutions and polyurethane truck bed liners.”
John Televantos, a partner at Arsenal, added, “Arsenal’s investment in Accella stemmed from our extensive experience in the polyurethane sector and focus on formulated materials that provide enhanced performance. We have been very pleased with our partnership with Andy Harris and the management team that helped us to transform and rapidly scale Accella. Accella is well-positioned to continue to grow under Carlisle’s ownership.”
This transaction represents the third exit in 2017 from Arsenal’s third fund, following the sales of Flowchem to KMG Chemicals in June 2017 and Certara to EQT in August 2017. Cumulatively these three exits represent $2 billion of enterprise value, a $1.5 billion increase from initial acquisition. Arsenal continues to invest in new portfolio companies from its $1.3 billion fourth fund raised in 2016, including recent acquisitions of PolyOne Corporation's Designed Structures and Solutions business in July 2017 and of Cyalume Technologies in September 2017.
The transaction is subject to customary closing conditions and regulatory approvals, and is expected to be completed in the fourth quarter of 2017.
Logo courtesy accellacorp.com
Accella offers a broad range of polyurethane products and solutions across many markets and applications globally. The company, headquartered in Maryland Heights, Miss., has annualized revenue of approximately $430 million and operates out of 10 manufacturing facilities and seven R&D laboratories in the U.S., Germany, and China.
Roy Seroussi, a principal at Arsenal, said, “Since our initial investment in 2012, Accella’s revenue and EBITDA increased by 7x and 8x, respectively, through a focused organic growth strategy and nine strategic acquisitions. The company has become a market leader in several rapidly growing end markets, such as spray foam insulation, as well as roofing solutions and polyurethane truck bed liners.”
John Televantos, a partner at Arsenal, added, “Arsenal’s investment in Accella stemmed from our extensive experience in the polyurethane sector and focus on formulated materials that provide enhanced performance. We have been very pleased with our partnership with Andy Harris and the management team that helped us to transform and rapidly scale Accella. Accella is well-positioned to continue to grow under Carlisle’s ownership.”
This transaction represents the third exit in 2017 from Arsenal’s third fund, following the sales of Flowchem to KMG Chemicals in June 2017 and Certara to EQT in August 2017. Cumulatively these three exits represent $2 billion of enterprise value, a $1.5 billion increase from initial acquisition. Arsenal continues to invest in new portfolio companies from its $1.3 billion fourth fund raised in 2016, including recent acquisitions of PolyOne Corporation's Designed Structures and Solutions business in July 2017 and of Cyalume Technologies in September 2017.
The transaction is subject to customary closing conditions and regulatory approvals, and is expected to be completed in the fourth quarter of 2017.
Logo courtesy accellacorp.com
