Arsenal Capital Partners has made yet another plastics deal, this time acquiring additives producer Flow Polymers LLC of Cleveland.
Flow makes a variety of additives for plastics and rubber raw materials. The firm was founded in 1984 and was focused on rubber additives and dispersions until entering the plastics market in 2009. Flow occupies two buildings in Cleveland covering a total of 183,000 square feet.
No purchase price was disclosed in a Feb. 22 news release announcing the deal. Flow President and CEO Mike Ivany, who has more than 30 years of market experience, now will have those roles with the Polymer Solutions Group of Arsenal, a New York-based private equity firm.
“Flow Polymers builds on our strategy to create a diversified leader of high-value niche solutions serving customers in the polymers and plastics end markets,” Arsenal operating partner Sal Gagliardo said in the release.
Arsenal is buying Flow from Geneva Glen Capital LLC, a Chicago-based private equity firm that had owned the company since 2010.
The Flow deal is Arsenal's 15th plastics-related acquisition since 2012. Most recently, the firm in September bought three polyurethane spray foam producers.
KeyBanc Capital Markets of Cleveland acted as financial adviser to Flow.