The two firms agreed on the deal in late December, they said. Financial details weren't released.
Dash, which has annual sales in the $100 million range and is based in St. Louis, is a producer of formulated polyurethane, vinyl plastisol, specialty coatings and recycled rubber products.
It operates seven manufacturing facilities and two primary businesses: MarChem, a urethanes, plastics and chemicals operation; and recycled rubber, which makes large mat-press-ed products, rolled rubber and molded goods for commercial flooring and industrial applications.
The recycled rubber unit also manages a large tire recycler, processing about 30 million pounds of tires into rubber particles each year.
The transaction was the fifth acquisition Arsenal Capital's Specialty Industrials Group made in 2012.
Other than Wool, Dash's present management team will remain with the company as will the firm's work force, a spokesman said. Andy Harris will become the new CEO of the company, he said.
“It will be a separate platform company and will not be merged with another Arsenal portfolio company,” according to the spokesman. All of Dash's plants will continue to operate as they have in the past, he said.
The only Dash business not involved in the acquisition is a textile unit that will remain with its present owner, he said.
Wool, who founded Dash in 1973, built a strong company over the last 40 years, according to John Televantos, a partner at Arsenal Capital and co-head of the firm's Specialty Industrials Group. “Our team sees Dash as a great platform to grow in existing and new markets,” and it's well positioned to expand with leading technology, quality and service.
Another partner at the New York-based private equity firm and co-head of the industrial group, Tim Zappala, said Dash “operates in several exciting sectors and our plan is to invest in the business and identify strategic acquisitions to expand its core capabilities and provide more solutions to customers.”
Wool selected Arsenal Capital to purchase his company from several suitors, he said, because it's the “right partner to help the company grow to its full potential.”
It stood out because of its commitment to the chemical industry and the firm's interest and ability “to enable us to grow our business in existing and new markets,” he said.