Revolution has made a name for itself in agricultural plastics recycling, and Whiteley said that will remain a key focus for the company.
The company is a major producer of plastic irrigation tube and also extrudes trash can liners, construction sheeting and durable carryout bags.
Chairman Dhu Thompson is former majority owner of the company, but he and other members of management will maintain a meaningful investment and continue to run the company, Whiteley said.
"The business is really poised for its next phase of growth. We've been looking for a partner who can really help us accelerate that growth as we tackle the world's plastic waste problem. We feel we're uniquely qualified and capable of solving some of these important, critical problems that we're seeing," he said.
"We recycled, or kept out of landfills or waste streams, 1.5 billion pounds of plastic materials. We want to grow and expand those capabilities across the country and ultimately across the world. We needed a partner to do that. Arsenal is a terrific partner. They are focused on growth. They are committed to our closed-loop process. They believe in what we believe in," Whiteley said.
Revolution used William Blair & Co. LLC, an investment banking firm, to advise the company in finding a partner.
Whiteley said Revolution selected Arsenal because of its expertise in the chemical and plastics industries.
"They understand the value of finding sustainable plastic solutions. And they have been looking to find a company to back that is solving the world's single-use plastics problem. They believe in what we believe in," he said.
Arsenal Capital also signaled plans for growth.
"This is just the beginning of the long-term trend for robust growth as demand continues to build for better ways to handle plastic waste and PCR [post-consumer recycled] products, and Arsenal is excited about being a strategic partner to accelerate Revolution's growth both organically and inorganically," George Abd, an operating partner at Arsenal, said in a statement.
Arsenal said it invests in sectors where it already has knowledge and experience. And that's certainly the case here.
The firm's portfolio includes Spartech LLC, an extruder of plastic packaging, sheet and roll stock; Chroma Color Corp., a maker of color concentrates and additives; Polymer Solutions Group, a maker of specialty additives and dispersions; and Polytek Development Corp., a maker of liquid mold rubbers and casting plastics.
The investment firm also owns BioIVT, which provides biological specimens — think tissue and bodily fluids, for example — as well as products and services to aid drug discovery and development.
Revolution Plastics provides products and services through its Delta Plastics of the South, Revolution, Rodeo, Command and Dailygood brands.
Delta Plastics of the South LLC was No. 21 in latest Plastics News listing of the largest recyclers in North America. The ranking is based on volume, and Delta reprocessed an estimated 150 million pounds of post-consumer plastic.