Arsenal Closes Third Fralock Add-On

Fralock Holdings, a portfolio company of Arsenal Capital Partners, has acquired Oasis Materials.

Oasis manufactures multi-layer ceramic and glass heaters that are used in semiconductor, medical, defense and aerospace applications.

Oasis has a wide range of capabilities including diamond machining, thin-film circuiting, glazing, metallization, and assembly and it utilizes numerous materials including aluminum, silicon, and boron nitride; fused quartz and silica; and sapphire.

The company, led by President Frank Polese with about 100 employees, was founded in 2005 and has a total of 55,000 square feet of manufacturing facilities near San Diego in Poway, California (28,000 sq. ft.) and near Sacramento in Rocklin, California (27,000 sq. ft.). In 2018, Oasis Materials acquired Progressive Technologies – now renamed Oasis Precision – a maker of ceramic products based in Rocklin.

Fralock is a designer and manufacturer of components and subassemblies that are used in the semiconductor equipment, life science, aerospace, and satellite industries. The company’s capabilities include design, rapid prototyping, manufacturing, adhesiveless lamination, laser cutting, CNC, rotary die-cutting, slitting, lamination, and automated placement services. Fralock is a 3M Preferred Converter and a licensee of Cirlex specialty polyimide films from DuPont. Fralock was founded in 1967 and is led by CEO Marc Haugen.

“The acquisition of Oasis Materials enables us to offer more alternatives, especially in active thermal applications that can significantly improve our customer’s products and their bottom line,” said Mr. Haugen. “This investment moves us closer to realizing our vision to become one of the world’s leading providers of engineered advanced materials solutions for critical applications.”

Arsenal acquired Fralock in April 2018 and added-on Career Technologies, a California-based maker of flexible and rigid electronic circuits and assemblies, in June 2020; and Mapson Engineering, a California-based maker of large-format electronic graphics, in December 2020.

Including the buy of Oasis Materials, Fralock now has more than 500 employees and is headquartered near Los Angeles in Valencia, California with multiple manufacturing facilities throughout the state.

New York-headquartered Arsenal invests in middle-market specialty industrial and healthcare companies that have $100 million to $500 million of enterprise value. Since its founding in 2000, Arsenal has raised total capital of $5.3 billion, closed more than 200 platform and add-on acquisitions, and exited more than 30 portfolio companies.

© 2021 Private Equity Professional | March 11, 2021

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