Arsenal Capital Partners has taken a majority stake in Peterson Chemical Technology LLC, which Arsenal said invented open-cell viscoelastic foam and gel infused foam technologies.
No price was disclosed for the transaction. Arsenal added that Peterson Chemical, based in Fort Smith, Ark., had developed a wide range of specialty polyols and additives that have changed the look and performance of specialty bedding products throughout the world.
Arsenal added that the new acquisition will fit into its recently created Elite Comfort Solutions business but it will operate as a separate business focused on specialty additives and chemicals, and continue to serve its customers worldwide.
Bruce Peterson, president of Peterson Chemical, will continue to oversee the company and drive its product development efforts. “This transaction with Elite Comfort Solutions will enable Peterson Chemical to grow and expand its portfolio of technologies by accelerating investment in capacity, R&D capabilities and talent. I am excited to see our customers worldwide benefit from this partnership,” he said.
John Televantos, a partner at Arsenal and co-head of the firm's Specialty Industrials Group said: “Peterson Chemical has been a leading innovator in the polyurethane foam sector. We are delighted to support Bruce and his team with greater focus on future innovations. Our intent is to commercialize new products more effectively around the world for the benefit of the bedding industry and the broader polyurethane market,” he added.
Arsenal's Elite Comfort Solutions includes recent investments in Pacific Urethanes and Elite Foam, as well as a pending acquisiton of Hickory Springs Manufacturing Company (HSM) foam production assets. Arsenal believes that these purchases have given it a specialty foam manufacturing business focused on the bedding and home furnishings markets.
Arsenal is also active in the U.S. polyurethanes industry through Accella Performance Materials which makes custom formulated polyurethane systems, and has made eight acquisitions to build the business. Accella operates in elastomers, tire fill, spray foam insulation, casting resins, surface and specialty coatings, and adhesives. Globally, Accella manufactures in 11 production facilities across the United States, Europe and China, Arsenal added.