Mergers & Acquisitions
September 6, 2022
PurEpoxy is Sold
FOR IMMEDIATE RELEASE GRACE MATTHEWS ADVISES PUREPOXY ON ITS SALE TO A.P. NONWEILER 
MILWAUKEE (September 6, 2022) – Vortex Coatings Inc. (“PurEpoxy”), a leading North American concrete coatings manufacturer, and Groupe Distribution Inc. (“Ice Epoxy”), a casting resins provider, have been acquired by A.P. Nonweiler, Co. (“APN”), a manufacturer of specialty coatings and a portfolio company of Renovo Capital, LLC (“Renovo”). Grace Matthews advised PurEpoxy and Ice Epoxy on the transaction.
PurEpoxy formulates and manufactures a focused product line of protective and decorative concrete coatings systems for the residential and commercial markets, selling primarily through a network of distribution partners globally. Ice Epoxy produces a suite of DIY resins for hobby and craft projects.
Erik Gravel, CEO of PurEpoxy, commented, “APN is the perfect partner to enhance our mission to provide the best coatings systems at competitive prices to our customers—we can now leverage a complementary product portfolio, additional manufacturing capacity across two sites to meet the growing needs of our customers, and a more robust supply chain.”
ABOUT PUREPOXY PurEpoxy is a leading North American manufacturer of high-quality liquid polymer products for commercial, industrial and residential projects. Their products are used to make decorative coatings, concrete repair compounds, chips and quartz floor systems. PurEpoxy polyaspartic and epoxy concrete coating systems offer consistency while providing long-lasting durable finishes. For more information visit www.purepoxy.com.
ABOUT A.P. NONWEILER Founded in 1929, A.P. Nonweiler is an Oshkosh, Wisconsin-based coatings manufacturer specializing in difficult-to-produce, specialty and small batch industrial coatings. APN operates out of a 261,000 square foot manufacturing facility, to produce a comprehensive portfolio of industrial coatings products serving a variety of end markets and applications. For more information visit www.apnonweiler.com.
ABOUT RENOVO Renovo Capital is a Dallas, TX – based lower middle market private equity firm comprised of seasoned operating and investing professionals. Renovo makes control investments in technical businesses that have the potential to generate meaningful value through operational improvements and strategic initiatives. Since its founding in 2009, Renovo has completed over 30 transactions and raised over $400 million of committed capital. For more information, please visit www.renovocapital.com.
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ABOUT GRACE MATTHEWS Grace Matthews, Inc., a Milwaukee-based investment bank, provides merger, acquisition and corporate finance advisory services to private and public companies across the chemical and materials value chain. Over the past two decades, Grace Matthews has successfully completed over 200 transactions on behalf of clients ranging from private, middle-market companies to large, foreign or U.S.-based multi-nationals. For more detailed information on Grace Matthews, visit www.gracematthews.com.
August 26, 2022
Recticel Results
Recticel First Half-Year 2022 Results
Regulated information, Brussels, 26/08/2022 — 06:59 CET, 26.08.2022
- Net sales increase from EUR 229.7 million to EUR 274.3 million (+19.4%), of which +15.6% organic growth, +0.6% currency effect, EUR 38.5 million contribution from Trimo, and a EUR 31.0 million drop in sales of chemicals to the divested Automotive companies
- Adjusted EBITDA: from EUR 22.4 million to EUR 29.2 million (+30.3%)
- Result of the period (share of the Group): from EUR 28.0 million to EUR 34.6 million
- Net financial debt: EUR 254.9 million (31 December 2021: EUR 147.8 million; 30 June 2021 : EUR 206.6 million)
Olivier Chapelle (CEO): “We are satisfied with the sales and profitability development of our Insulation activities, in a highly challenging environment characterised by supply chain disruptions, by historical inflation on raw materials, labour, transportation and energy costs, and by economic uncertainties. Volumes have been slightly higher than in 2021, and our business teams have been able to compensate all inflationary pressures during the period. In parallel, our operations teams have displayed high flexibility to accommodate the supply chain challenges.
The first half of 2022 has seen intense M&A activity, with sequentially the closing of the Bedding divestment to Aquinos on 31 March, the closing of the Trimo acquisition on 29 April, the final exit out of the Proseat joint venture on 20 May. The Competition and Markets Authority in the UK has recently decided to refer the divestment case of Engineered Foams to a phase II investigation, with the closing of the transaction now expected latest by the first quarter of 2023.”
OUTLOOK
Our Insulation business continues to perform well in difficult economic circumstances. However, the geopolitical turbulences, supply chain challenges and economic uncertainties prevent us from providing an outlook for the full year at this stage.
https://www.recticel.com/recticel-first-half-year-2022-results.html
August 26, 2022
Recticel Results
Recticel First Half-Year 2022 Results
Regulated information, Brussels, 26/08/2022 — 06:59 CET, 26.08.2022
- Net sales increase from EUR 229.7 million to EUR 274.3 million (+19.4%), of which +15.6% organic growth, +0.6% currency effect, EUR 38.5 million contribution from Trimo, and a EUR 31.0 million drop in sales of chemicals to the divested Automotive companies
- Adjusted EBITDA: from EUR 22.4 million to EUR 29.2 million (+30.3%)
- Result of the period (share of the Group): from EUR 28.0 million to EUR 34.6 million
- Net financial debt: EUR 254.9 million (31 December 2021: EUR 147.8 million; 30 June 2021 : EUR 206.6 million)
Olivier Chapelle (CEO): “We are satisfied with the sales and profitability development of our Insulation activities, in a highly challenging environment characterised by supply chain disruptions, by historical inflation on raw materials, labour, transportation and energy costs, and by economic uncertainties. Volumes have been slightly higher than in 2021, and our business teams have been able to compensate all inflationary pressures during the period. In parallel, our operations teams have displayed high flexibility to accommodate the supply chain challenges.
The first half of 2022 has seen intense M&A activity, with sequentially the closing of the Bedding divestment to Aquinos on 31 March, the closing of the Trimo acquisition on 29 April, the final exit out of the Proseat joint venture on 20 May. The Competition and Markets Authority in the UK has recently decided to refer the divestment case of Engineered Foams to a phase II investigation, with the closing of the transaction now expected latest by the first quarter of 2023.”
OUTLOOK
Our Insulation business continues to perform well in difficult economic circumstances. However, the geopolitical turbulences, supply chain challenges and economic uncertainties prevent us from providing an outlook for the full year at this stage.
https://www.recticel.com/recticel-first-half-year-2022-results.html
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
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