Company News
August 16, 2022
Mattress Update
Cool, Sustainable, Feature-Rich Foams in Demand
Value-added offerings help manufacturers bolster higher-priced mattress collections
Value-added polyurethane foams are in high demand in the mattress marketplace, producers say. And they are adding features that today’s consumers want, such as cool-sleeping and sustainable foams and foams offering a variety of health benefits.
Producers say they have added foams and will introduce more soon to help mattress makers stand apart from the competition and to bolster their mattress offerings at higher price points.
While consumer demand for mattresses is down, the polyurethane foam producers are not slowing their efforts to develop innovative products for mattress makers, they say.
“Customers are looking for products and solutions that offer them some sort of value added,” says Chris Bradley, executive vice president of consumer products at Mount Airy, North Carolina-based NCFI Polyurethanes. “Whether that’s reduced cost or a tangible benefit such as cooling, customers are looking for an advantage.”
Polyurethane foam producers are not slowing their efforts to develop innovative products.
Read more here: https://bedtimesmagazine.com/2022/08/cool-sustainable-feature-rich-foams-in-demand/
August 16, 2022
Mattress Update
Cool, Sustainable, Feature-Rich Foams in Demand
Value-added offerings help manufacturers bolster higher-priced mattress collections
Value-added polyurethane foams are in high demand in the mattress marketplace, producers say. And they are adding features that today’s consumers want, such as cool-sleeping and sustainable foams and foams offering a variety of health benefits.
Producers say they have added foams and will introduce more soon to help mattress makers stand apart from the competition and to bolster their mattress offerings at higher price points.
While consumer demand for mattresses is down, the polyurethane foam producers are not slowing their efforts to develop innovative products for mattress makers, they say.
“Customers are looking for products and solutions that offer them some sort of value added,” says Chris Bradley, executive vice president of consumer products at Mount Airy, North Carolina-based NCFI Polyurethanes. “Whether that’s reduced cost or a tangible benefit such as cooling, customers are looking for an advantage.”
Polyurethane foam producers are not slowing their efforts to develop innovative products.
Read more here: https://bedtimesmagazine.com/2022/08/cool-sustainable-feature-rich-foams-in-demand/
August 16, 2022
Arsenal Closes on Two New Funds
Arsenal Capital Partners Announces Final Closes of Two New Funds Totaling $5.4 Billion Fund VI Closes with $4.3 Billion and Surpasses $3.0 Billion Target Inaugural Growth Fund Closes at its Hard Cap with $1.1 Billion and Surpasses $750 Million Target
New York, August 15, 2022 – Arsenal Capital Partners (“Arsenal”), a leading private equity firm that specializes in investments in industrial growth and healthcare companies, announced today that it has completed fundraising for two new funds, totaling $5.4 billion in capital commitments. Arsenal Capital Partners VI LP (together with its parallel funds, “Fund VI”) closed with $4.3 billion in capital commitments, well exceeding its $3.0 billion target of limited partner commitments and well above the size of its $2.4 billion predecessor fund. In addition, Arsenal Capital Partners Growth LP (together with its parallel funds, the “Growth Fund”) closed with $1.1 billion in capital commitments at its hard cap and exceeded its $750 million target of limited partner commitments.
“We are extremely grateful for the support from and relationships with our long-time investors,“ said Terry Mullen, Managing Partner of Arsenal. “We achieved a gratifying, high re-up rate from our existing institutional investors, who on average increased their commitments by 59% from the previous fund, and we are delighted to have attracted an exceptional group of new investors that will further bolster our market-leading institution.”
Over its 22-year history, Arsenal has built a leading private equity institution with two market-leading franchises in the industrials and healthcare sectors. Within its two focus sectors, Arsenal aims to create highly valuable, technology- and innovation-rich, growth companies that are strategically important to their markets. Arsenal’s team of more than 85 professionals and 55 senior advisors combines specialized investment, industry, and operating expertise into one integrated and balanced team to provide differentiated strategic insights, combine diverse perspectives, and leverage expert capabilities.
“The success of these fundraises reflects the strength of our market-leading franchises and our track record of building strategically valuable businesses. We and our investors see exciting opportunities to invest in technology- and innovation-rich companies in the industrial and healthcare sectors,” commented Jeff Kovach, Managing Partner of Arsenal. “Moreover, investors have acknowledged the depth of our domain and technical expertise that provides Arsenal the access, relevance, and credibility to compete and win in our target markets.”
Fund VI will focus on investments in industrials and healthcare businesses with proven technologies and solutions positioned to deliver high performance and value-add to their customers. The Growth Fund will execute a similar strategy in the same markets but pursue investments in next generation, emerging technology businesses poised to apply innovation to generate very high growth. In both of these funds, Arsenal will apply its high-impact company building capabilities to help businesses achieve significant organic growth and facilitate strategic acquisitions to extend their offerings and to solidify leadership positions in their respective markets.
Patricia Grad, Partner and Head of Investor Relations of Arsenal, added, “We are grateful for this global group of institutions and individuals who have supported our firm and greatly appreciate the collaborative dialogue that we had with them as we crafted these investment opportunities, particularly our debut Growth Fund. We look forward to deepening and strengthening our partnerships with our investors for years to come.”
Fund VI and the Growth Fund’s investor base is comprised of leading public and corporate pension plans, family offices, endowments and foundations, and financial institutions, including The University of California’s Office of the Chief Investment Officer (UC Investments), California State Teachers’ Retirement System, California Public Employees’ Retirement Systems, affiliates of APG Asset Management, The Oregon Public Employees Retirement Fund, affiliates of IIP A/S, and Minnesota State Investment Board. Kirkland & Ellis LLP served as legal counsel for Arsenal, Fund VI, and the Growth Fund.
About Arsenal Capital Partners Arsenal Capital Partners is a leading private equity firm that specializes in investments in industrial growth and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds totaling over $10 billion, completed more than 250 platform and add-on acquisitions, and achieved more than 30 realizations. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add. For additional information, please visit www.arsenalcapital.com.
Contact: Jackie Schofield at Prosek Partners Pro-Arsenal@prosek.com
August 16, 2022
Arsenal Closes on Two New Funds
Arsenal Capital Partners Announces Final Closes of Two New Funds Totaling $5.4 Billion Fund VI Closes with $4.3 Billion and Surpasses $3.0 Billion Target Inaugural Growth Fund Closes at its Hard Cap with $1.1 Billion and Surpasses $750 Million Target
New York, August 15, 2022 – Arsenal Capital Partners (“Arsenal”), a leading private equity firm that specializes in investments in industrial growth and healthcare companies, announced today that it has completed fundraising for two new funds, totaling $5.4 billion in capital commitments. Arsenal Capital Partners VI LP (together with its parallel funds, “Fund VI”) closed with $4.3 billion in capital commitments, well exceeding its $3.0 billion target of limited partner commitments and well above the size of its $2.4 billion predecessor fund. In addition, Arsenal Capital Partners Growth LP (together with its parallel funds, the “Growth Fund”) closed with $1.1 billion in capital commitments at its hard cap and exceeded its $750 million target of limited partner commitments.
“We are extremely grateful for the support from and relationships with our long-time investors,“ said Terry Mullen, Managing Partner of Arsenal. “We achieved a gratifying, high re-up rate from our existing institutional investors, who on average increased their commitments by 59% from the previous fund, and we are delighted to have attracted an exceptional group of new investors that will further bolster our market-leading institution.”
Over its 22-year history, Arsenal has built a leading private equity institution with two market-leading franchises in the industrials and healthcare sectors. Within its two focus sectors, Arsenal aims to create highly valuable, technology- and innovation-rich, growth companies that are strategically important to their markets. Arsenal’s team of more than 85 professionals and 55 senior advisors combines specialized investment, industry, and operating expertise into one integrated and balanced team to provide differentiated strategic insights, combine diverse perspectives, and leverage expert capabilities.
“The success of these fundraises reflects the strength of our market-leading franchises and our track record of building strategically valuable businesses. We and our investors see exciting opportunities to invest in technology- and innovation-rich companies in the industrial and healthcare sectors,” commented Jeff Kovach, Managing Partner of Arsenal. “Moreover, investors have acknowledged the depth of our domain and technical expertise that provides Arsenal the access, relevance, and credibility to compete and win in our target markets.”
Fund VI will focus on investments in industrials and healthcare businesses with proven technologies and solutions positioned to deliver high performance and value-add to their customers. The Growth Fund will execute a similar strategy in the same markets but pursue investments in next generation, emerging technology businesses poised to apply innovation to generate very high growth. In both of these funds, Arsenal will apply its high-impact company building capabilities to help businesses achieve significant organic growth and facilitate strategic acquisitions to extend their offerings and to solidify leadership positions in their respective markets.
Patricia Grad, Partner and Head of Investor Relations of Arsenal, added, “We are grateful for this global group of institutions and individuals who have supported our firm and greatly appreciate the collaborative dialogue that we had with them as we crafted these investment opportunities, particularly our debut Growth Fund. We look forward to deepening and strengthening our partnerships with our investors for years to come.”
Fund VI and the Growth Fund’s investor base is comprised of leading public and corporate pension plans, family offices, endowments and foundations, and financial institutions, including The University of California’s Office of the Chief Investment Officer (UC Investments), California State Teachers’ Retirement System, California Public Employees’ Retirement Systems, affiliates of APG Asset Management, The Oregon Public Employees Retirement Fund, affiliates of IIP A/S, and Minnesota State Investment Board. Kirkland & Ellis LLP served as legal counsel for Arsenal, Fund VI, and the Growth Fund.
About Arsenal Capital Partners Arsenal Capital Partners is a leading private equity firm that specializes in investments in industrial growth and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds totaling over $10 billion, completed more than 250 platform and add-on acquisitions, and achieved more than 30 realizations. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add. For additional information, please visit www.arsenalcapital.com.
Contact: Jackie Schofield at Prosek Partners Pro-Arsenal@prosek.com
August 9, 2022
Huntsman Divests Textile Effects
Huntsman Announces Agreement to Sell Textile Effects Division
Download as PDF August 09, 2022 6:00am EDT
THE WOODLANDS, Texas, Aug. 9, 2022 /PRNewswire/ — Huntsman Corporation (NYSE: HUN) today announced it has entered into a definitive agreement to sell its Textile Effects division to Archroma, a portfolio company of SK Capital Partners. The total enterprise value of the transaction is approximately $718 million, which includes the assumption of approximately $125 million in net underfunded pension liabilities as of December 31, 2021. The acquisition is being partially funded with preferred equity, of which Huntsman is taking up to $80 million, an amount SK Capital Partners will seek to syndicate prior to the transaction closing.
Over the last twelve months ending June 30, 2022, the Textile Effects division reported sales of $772 million and adjusted EBITDA of $94 million. Huntsman anticipates cash taxes on the transaction of approximately $50 million. Huntsman intends to report Textile Effects as discontinued operations beginning in the third quarter of 2022. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the first half of 2023.
Peter Huntsman, Chairman, President, and CEO commented:
“Over the past seven months, we have conducted a comprehensive strategic review of our Textile Effects division, including detailed discussions with a wide range of relevant parties. After evaluating several different options and thoroughly reviewing prospective offers for the business, our Board of Directors decided that SK Capital would be a better owner of the business over the long-term than Huntsman and that the value they offered was in the best interests of our shareholders. After closing, Textile Effects will combine with SK Capital’s Archroma business to create a world leader in textile chemicals and dyes, with a leadership in sustainability and innovation.
“We expect the cash proceeds from this divestiture to be deployed in-line with our current balanced capital allocation program which includes strategic investments and acquisitions to further strengthen our core businesses as well as returning cash to shareholders through both our dividend and share repurchase program.”
BofA Securities is serving as Huntsman’s financial advisor and Kirkland & Ellis LLP is acting as its legal advisor.
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