Hastings Equity Partners has sold Danlin Industries, a provider of production chemicals to the oil and gas industry, to Arsenal Capital Partners.
Danlin provides production chemicals, capillary services and completion chemicals to oil & gas exploration and production companies across Oklahoma, Texas, Wyoming, Arkansas, Louisiana, Colorado, New Mexico, Kansas and Utah. In September 2013, Danlin experienced a plant fire, resulting in the total loss of its 70,000 square foot production and headquarters building in Thomas, OK (west of Oklahoma City). The company is presently rebuilding its facilities in Thomas (www.danlin.us).
“Hastings has been an excellent partner for Danlin, helping us almost double in size over the last 3 years and supporting us as we reshuffled our management team upon the retirement of our founder,” said Roger Floyd, Chief Executive Officer of Danlin. “We now look forward to our next phase of growth under our new partnership with Arsenal Capital Partners.”
Hastings Equity Partners invests from $5 million to $15 million in niche manufacturing, distribution, and business services companies with EBITDAs from $2 million to $10 million. The firm is based in Waltham, MA (www.hastingsequity.com).
“Hastings couldn’t be more proud of its association with Danlin’s remarkable employees and leadership team,” said Ted Patton, Managing Director of Hastings Equity Partners. “Under the stewardship of the Floyd family, who founded Danlin, the company has delivered consistent growth since inception through economic cycles and challenging operating environments.”
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 has $1.7 billion of committed capital under management. The firm was founded in 2000 and has offices in New York and Shanghai (www.arsenalcapital.com).
Houston-based Simmons & Company International (www.simmonsco-intl.com) served as exclusive financial advisor to Danlin in the transaction.
© 2014 PEPD • Private Equity’s Leading News Magazine • 3-11-14
