Cleveland — New York private equity firm the Jordan Co. has acquired Polymer Solutions Group's Polymer Additives division — previously Flow Polymers of Cleveland — from fellow New York investment firm Arsenal Capital Partners.
Terms of the deal were not disclosed. The sale comes after a hold period of close to four years.
PSG comprises a number of companies, including Flow Polymers, a legacy Cleveland company acquired by Arsenal in February 2016 for the PSG platform business, which was formed by Arsenal in June 2015 with the acquisition of Peach State Labs, a provider of specialty polymers and performance chemicals.
The additives business makes homogenizing agents, process aids, dispersions and release agents for the rubber, plastic and engineered wood industries. It has five plants.
A spokeswoman for Jordan Co. declined to answer questions about the number of employees or plans for the business.
The Flow Polymers business is led by longtime CEO Mike Ivany, who said in a news release that he is excited to work with Jordan to grow the release-agent market position and continue to expand the market for process aids for silica rubber compounding.
"The company's culture, innovative product development and long-standing customer relationships make PSG Polymer Additives a strong fit for our investment strategy," Ian Arons, a partner with Jordan Co., added in a statement.