NEW YORK—Arsenal Capital Partners, a private equity firm that invests in middle-market specialty industrials and health care companies, completed the acquisition of Cyalume Technologies, a specialty chemicals provider to diversified end markets.
Cyalume produces specialty chemicals and pharmaceutical components, designs and manufactures unique related products and manufactures components for use in pharmaceutical, medical, commercial and military markets. The company is headquartered in Ft. Lauderdale, Fla., and has manufacturing locations in West Springfield, Mass., and Bound Brook, N.J., as well as a subsidiary, Cyalume Technologies S.A.S. in Aix-en-Provence, France.
Cyalume participates in a number of fragmented markets and expects to capitalize on its position through a robust acquisition strategy, President and CEO Zivi Nedivi said in a statement.
Cyalume will pursue a buy-and-build strategy in its core and adjacent markets while continuing its focus on customers and innovation, consistent with other Arsenal investments, said Sal Gagliardo, industry and operations partner at Arsenal and chairman at Cyalume.
Cyalume represents Arsenal's second specialty industrials investment in 2017, following its acquisition of PolyOne Corp.'s Designed Structures and Solutions business in July.