Arsenal Capital Partners, a leading private equity firm that invests in middle-market specialty industrials and healthcare business services companies, announced that it has completed the sale of IGM Resins, a global manufacturer and innovator of ultraviolet curable materials, to Astorg. Financial terms of the transaction were not disclosed.
In 2012, Arsenal partnered with John Huiberts, the founder of IGM to recapitalize IGM and invest behind the company's growth strategy. During Arsenal's ownership, IGM built an experienced management team, completed four strategic acquisitions, invested in state-of-the-art global manufacturing capabilities to serve its customers better, and developed a portfolio of differentiated patented technologies.
Roy Seroussi, an Investment Partner of Arsenal Capital said, "During Arsenal's ownership, IGM became the leading global manufacturer and innovator of high-value, specialty photoinitiators. Together with the management team, we accomplished a transformation of the company that will enable it to capitalize on the continued positive trends in the UV coatings market."
"Arsenal is proud of the deep collaboration with IGM's leadership team. The company exhibited seven-fold earnings growth during our ownership. We are thankful to Edward Frindt and this talented management team for executing the company's growth and acquisition strategy," added Sal Gagliardo, an Industry & Operations Partner of Arsenal Capital.
Edward Frindt, CEO of IGM, said, "Arsenal has been a truly supportive partner, working closely with the team during the transformation of IGM into a full UV solutions provider. We are pleased with the progress that we have made in developing our strong technical basis for growth and look forward to continuing to build out technology-based solutions and manufacturing excellence that support our customers' needs with the Astorg team."
John Huiberts, founder of IGM, said, "As founder of the company, I am pleased to have partnered with Arsenal and with their support I am truly grateful that all the goals we set six years ago have been met. We have been able to take IGM to the next level by building it into a leading player in the global UV coating market. I am pleased to continue my involvement with IGM as both Chairman of the Board and investor. I look forward to the partnership with Astorg and the IGM Management team to further extend the extraordinary growth potential of IGM in the years to come and to support the execution of the developed strategy."
Moelis & Company LLC acted as exclusive financial advisor, and Jones Day acted as legal advisor to Arsenal and IGM.
About IGM Resins IGM specializes in the development, manufacture, and supply of products and technical services to the global UV coatings and inks market. IGM develops, produces, and distributes a full range of radiation curable materials including photoinitiators, acrylate oligomers and monomers, and additives from manufacturing facilities in Europe, Asia, and the U.S., supported by technical labs in each of these regions to help create next generation energy curable coatings and inks. For additional information on IGM, visit www.igmresins.com.
About Arsenal Capital Partners Established in 2000, Arsenal Capital Partners is a leading private equity firm that specializes in investments in middle-market specialty industrials and healthcare business services companies. Since inception, Arsenal has raised institutional equity investment funds of approximately $3 billion. Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience and seeks companies typically in the range of $100 - $500 million of initial enterprise value. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add. For additional information on Arsenal, visit www.arsenalcapital.com.
