Arsenal Capital Partners will sell U.S. specialty polyurethanes company Accella Performance Materials Inc. to Carlisle Cos. Inc. for $670 million.
Accella is headquartered in Maryland Heights, Mo., has sales of around $430 million and operates 10 facilities and seven research sites in the United States, Germany, and China.
Roy Seroussi, a principal at Arsenal, said, "Since our initial investment in 2012, Accella's revenue and EBITDA [earnings before interest, taxes, depreciation and amortization] 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 private equity group 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. Accella is well-positioned to continue to grow under Carlisle's ownership."
Carlisle is a publicly traded multi-industry company based in Scottsdale, Ariz., with markets in commercial roofing, spray foam, mining and transportation.
Andy Harris, Accella president and CEO, said Carlisle's market reach will be a good complement for the company.
Accella first came to attention when it purchased IPS polymer systems in March 2015 changed its name from MultiDash Corp. in May 2014, and streamlined its portfolio.
Arsenal Capital then purchased three PU firms in two days in September 2015. In March 2016 Quadrant's spray foam business was added to the firm. In June 2016, Bullet Liner joined the portfolio. In March 2017, Accella gained Covestro's U.S. spray foam business.