Private equity firm American Securities LLC is acquiring Chromaflo Technologies Corp., a global color and pigment dispersion firm based in Ashtabula.
No purchase price was disclosed. New York-based American Securities is buying Chromaflo from Arsenal Capital Partners and Nordic Capital Fund VI. Arsenal, also based in New York, has made several plastics deals in recent years and now manages almost $3 billion of equity capital.
In a news release, Chromaflo President and CEO Scott Becker said American Securities “has significant experience in the specialty chemical sector and a broad and experienced team, which will aid in our expansion.”
American Securities Managing Director Scott Wolff added that Chromaflow is positioned for “continued growth.
Arsenal formed Chromaflo in mid-2012 by combining Ashtabula-based Plasticolors Inc. and the Colortrend unit of German firm Evonik Industries AG. Arsenal then added to Chromaflo in late 2012 by acquiring the Tint-Ayd brand line of colorants from Cleveland-based Elementis Specialties Inc.
In late 2013 Arsenal merged Chromaflo with the colorants business of Scandinavian firm CPS Color BV to create a global business with annual sales of more than $400 million.
Chromaflo operates plants North America, Europe, China and Australia, making chemical and pigment dispersions for thermoset plastics and composites and numerous other markets.