Meridian Adhesives Group, a portfolio company of Arsenal Capital Partners, has acquired Evans Adhesive.
Evans Adhesive is a manufacturer of industrial adhesives including low-temperature packaging hot melts, pressure-sensitive hot melts, and various water-based and palletizing adhesives. Evans water-based adhesives are used in packaging, converting, laminating, labeling, drywall and outdoor advertising.
Evans was founded in 1900 and incorporated in 1902 as The Commercial Paste Company and has been owned by the Evans family since 1920. The company, led by President Rusty Thompson, is headquartered in Columbus, OH with additional manufacturing facilities near Los Angeles in Rancho Cucamonga, CA (www.evansadhesive.com).
“We are delighted to have Rusty and his employee base join the Meridian family. Evans Adhesive has been an innovator in the sector for decades and we look forward to expanding the business through investments and acquisitions,” said Roy Seroussi, an Investment Partner at Arsenal.
The buy of Evans Adhesive is Meridian’s fourth acquisition in 2018. In May 2018, Arsenal formed Meridian as a new platform to acquire adhesives and sealants companies with a specific interest in high-value adhesives technologies. The first acquisition of Meridian was the buy of Pompano Beach, FL-based Adhesives Technology Corporation, a manufacturer of specialty adhesives for the infrastructure and construction industries (www.atcepoxy.com). Then in June 2018, Meridian acquired Billerica, MA-based Epoxy Technology, a manufacturer of high-performance specialty epoxy, ultraviolet, and hybrid adhesives (www.epotek.com); and in September 2018 it acquired Dalton, GA-based W.F. Taylor, a manufacturer and marketer of flooring adhesives (www.wftaylor.com). As a result of these acquisitions, Meridian is now a manufacturer of adhesives and sealants including high-performance specialty epoxy, polyurethane, and hybrid adhesives used in the electronics, medical, construction, and infrastructure markets.
“Evans Adhesive’s portfolio of technologies, well-known brands and customer intimacy culture fits with Meridian’s philosophy and strategy,” said Dan Pelton, CEO of Meridian. “This acquisition adds another avenue for driving technology across the Meridian platform.”
Arsenal has significant experience in the $60 billion global adhesives and sealants market. Beginning in November 2010, Arsenal launched South Bend, IN-based Royal Adhesives and Sealants and through a series of nine acquisitions created a top ten global supplier of adhesives and sealants with annual revenues in excess of $600 million. American Securities acquired Royal Adhesives and Sealants from Arsenal in June 2015 and, after a brief hold, sold it in October 2017 to publicly-traded H.B. Fuller (NYSE: FUL) for $1.6 billion.
Arsenal invests in middle-market specialty industrial and healthcare companies that have from $100 million to $500 million in enterprise value. The firm has offices in New York and Shanghai (www.arsenalcapital.com).
© 2018 Private Equity Professional | December 12, 2018