GREENFIELD, Ma.—Wind Point Partners, a Chicago-based private equity investment firm, has acquired Argotec Inc., a producer of high performance thermoplastic polyurethane film and sheet for the international specialty films industry.
Guy Broadbent, who has 27 years of experience in plastics, specialty chemicals and technical/manufacturing industries, will join the firm as president and CEO, according to Argotec. Broadbent most recently served as CEO of Xcellerex and president of the Laboratory Products Group at Thermo Fisher Scientific. He previously served as marketing manager of new business development for GE Plastics as well as in various marketing and product management roles at BF Goodrich and Dow Chemical.
Argotec, based in Greenfield, Mass., makes specialty polyurethane film for surface protection, impact-resistant glass and other applications. The company employs about 150 at a plant covering more than 150,000 square feet and at a nearby research and development center. An expansion doubled the size of the plant in 2008.
Bruce Wilby, CEO and chairman of the board, said the sale of the company was "a long-planned exit strategy for our co-chairmen, Dick Barnes and Steve Wolkenbreit, who founded Argotec in 1988. Simply put, they wanted to retire."
Wilby said officials anticipate Argotec will double again with the next three to five years with capital available through Wind Point Partners.