NEW YORK—Private equity firm The Jordan Co. has acquired Polymer Solutions Group's Polymer Additives division—previously Flow Polymers of Cleveland—from fellow investment firm Arsenal Capital Partners.
Terms of the deal were not disclosed. The sale comes after a hold period of close to four years.
PSG comprises a number of companies, including Flow Polymers, a legacy Cleveland company acquired by Arsenal in February 2016 for the PSG platform business, which was formed by Arsenal in June 2015 with the acquisition of Peach State Labs, a provider of specialty polymers and performance chemicals.
Per a description by the company, the additives business "is a leading provider of homogenizing agents, process aids, dispersions and release agents for the rubber, plastic and engineered wood industries globally. Through its network of five plants, the company develops proprietary products that meet exacting customer specifications, provide superior performance characteristics, enhance processing efficiency and optimize supply chains."
It's unclear how many people work for the Cleveland business or what might happen with it post-investment. An assistant for Kristin Custar, head of the Global Investor Capital Group for The Jordan Co., said the firm does not answer media questions.
The legacy Flow Polymers business is led by longtime CEO Mike Ivany, who appears to be staying on after the transaction.
"My team and I are excited to be working with Jordan as we build out our global platform, grow our release-agent market position and continue to expand the market for our advanced technology SureMix Performance Process Aids for silica rubber compounding," Ivany said in a statement. "I want to thank the Arsenal team, who has been a great partner. They helped us to reach our goals and to set the company on a trajectory that will propel growth over the next five years."
"The company's culture, innovative product development and long-standing customer relationships make PSG Polymer Additives a strong fit for our investment strategy," Ian Arons, a partner with The Jordan Co., said in a statement.