NEW YORK—Arsenal Capital Partners completed its sale of IGM Resins, a global manufacturer of ultraviolet curable materials, to Astorg, a European private equity firm.
Financial terms of the transaction were not disclosed, according to an Arsenal release.
IGM built its management team, completed four acquisitions and invested in manufacturing capabilities while under ownership by Arsenal, a private equity firm focused on middle-market specialty industrials and health care business service companies. Arsenal partnered with IGM Founder John Huiberts to recapitalize and invest in the company in 2012.
IGM became a global manufacturer of high-value, specialty photoinitiators, said Roy Seroussi, an investment partner of Arsenal.
The company showed seven-fold earnings growth during the ownership period, said Sal Gagliardo, industry and operations partner of Arsenal.