Dash Multi-Corp., a portfolio company of Arsenal Capital Partners and a provider of polyurethane systems, vinyl plastisols and recycled rubber products, has acquired Pathway Polymers, a supplier of polyurethane tire fill material and equipment, from Vita Group, a portfolio company of TPG Capital.
Pathway Polymers is a supplier of tire fill for flatproofing products used by mining, construction, rental and OEM customers. The company invented TyrFil, the world’s first polyurethane tire fill material intended to flatproof tires. Pathway Polymers was founded in 1971 and is headquartered in Alpharetta, GA with a manufacturing facility in Chattanooga, TN (www.pathwaypolymers.com).
Pathway Polymers is the second add-on acquisition for Dash Multi-Corp. which was acquired by Arsenal in December 2012. Earlier this week, Dash acquired Arnco, a supplier of polyurethane products used in tire flatproofing products. Arnco was the first add-on acquisition for Dash Multi-Corp. which was acquired by Arsenal in December 2012. According to Arsenal, Pathway Polymers is a highly complementary combination with the tire fill business of Arnco.
Dash Multi-Corp. is a manufacturer of formulated polyurethane, vinyl plastisol, specialty coatings as well as recycled rubber products. Dash is headquartered in St. Louis and has seven production facilities in the U.S. (www.dashmulticorp.com).
“The acquisition of Pathway Polymers fits with our growth strategy in expanding Dash’s global polyurethane capabilities. This acquisition builds on our focus to deliver the best product and service to our customers. We are delighted to partner with the management and employees of Pathway Polymers and support their customers and growth worldwide,” said Andy Harris, Chief Executive Officer of Dash.
Arsenal Capital Partners invests in middle-market specialty industrial and healthcare companies that have $50 million to $250 million in enterprise value. Industries of specific interest include: specialty & fine chemicals; segments of healthcare; transportation and logistics; power generation; aerospace & defense; and process industry components and services. Arsenal Capital Partners recently completed fundraising for Arsenal Capital Fund III with $875 million of committed capital, exceeding its target of $750 million. The firm’s previous fund, Arsenal Capital Partners II, was raised in 2006 with $500 million of committed capital. Arsenal now has over $1.6 billion of committed capital under management. The firm was founded in 2000 and has offices in New York and Shanghai (www.arsenalcapital.com).
“The combination of Dash and Pathway builds on our strategy to create a leading polyurethane business offering a broad portfolio of products and technologies that serve multiple end markets,” said Tim Zappala, a Partner at Arsenal Capital Partners and co-head of the firm’s Specialty Industrials Group.
The seller of Pathway Polymers, Vita Group, is a portfolio company of TPG Capital. Vita is a provider of materials used in industrial applications including transportation, construction, furniture & bedding and packaging. The company had revenues in 2012 of approximately €950 million. Vita has 59 facilities operating in 20 countries and is based in London, UK (www.thevitagroup.com). TPG Capital acquired Vita in 2005.
© 2013 PEPD • Private Equity’s Leading News Magazine • 5-2-13