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July 12, 2013 02:00 AM

Arsenal adds to firepower with purchase of ADCO

Mike McNulty
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    NEW YORK—Arsenal Capital Partners is expanding its operation for the third time in two months.

    A private equity firm based in New York, Arsenal plans to acquire ADCO Global Inc. from Los Angeles-headquartered Aurora Capital Group, another investment firm, for an undisclosed sum.

    The transaction is subject to regulatory approval and other customary closing conditions. The deal is expected to close in the third quarter.

    ADCO is a producer of specialty adhesives, sealants, tapes and coatings. The company, which uses various elastomers such as silicone and polyurethane, serves the construction, transportation and industrial markets. It has 10 plants across the globe.

    The firm's operations are located in the U.S., England, Germany, Russia and China. Its factories in the U.S. are based in Michigan Center, Mich.; Chagrin Falls, Ohio; and Mundelein, Ill.

    The manufacturer said it focuses on developing specialized solutions for numerous applications, including insulating glass windows, roofing, solar panels, automotive, buses, trailers, RVs, marine, civil engineering, telecommunications, security glass and general construction.

    ADCO, headquartered in Lincolnshire, Ill., will retain its name. It still is being determined where the newly acquired firm fits within the Arsenal group of companies, a spokesman for Arsenal said.

    Its management team, factories and work force of about 1,000 are expected to remain in place, he said.

    John Knox, ADCO chairman, president and CEO, said Aurora has an outstanding track record of helping specialty chemical businesses grow and expand.

    He noted ADCO has expanded its position globally with its innovative products, and "Arsenal is well suited to support ADCO's continued growth."

    Arsenal, the manager of more than $2 billion of capital spread across several private equity funds, acquired ADCO, the spokesman said, because "we like the formulated products sector." He said ADCO will benefit with Arsenal as its parent because of "our knowledge of the sector, relevant experience and focus on companies like ADCO."

    John Televantos, a partner at Arsenal and co-head of the firm's Specialty Industrials Group, said ADCO "has a long history of innovation, providing great solutions and service to its diverse customers."

    The acquisition is the third Arsenal has made in two months. In early May, it bought polyurethane systems and tire fill producer Arnco Inc. and Pathway Polymers Inc., a maker of polyurethane tire fill material.

    Both were moved under Dash Multi-Corp., a platform portfolio company of Arsenal, as part of the Dash Polyurethane Systems business unit.

    The transactions made Dash a major player in the polyurethane tire flat proofing industry.

    Dash was purchased by the private equity firm in December 2012, one of five acquisitions made by Arsenal last year.

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