Wind Point Partners has acquired Argotec, a manufacturer of specialty polyurethane film and sheets. Senior debt for the acquisition was provided by GE Antares Capital and Ares Capital Corporation.
Argotec is a manufacturer of specialty polyurethane film and sheet with used in a variety of niche applications, including surface protection and impact resistant glass. In addition to flat-die, cast-on-carrier and blown-film-extrusion technologies, Argotec has expertise in extrusion coating, multi-layer constructions and closed-cell polyurethane foam sheet extrusion. The company is based in Greenfield, MA (www.argotec.com).
Wind Point partnered with Guy Broadbent, who will join as the company as CEO, on this transaction. Mr. Broadbent has 27 years of experience in the plastics, specialty chemicals, technical, and manufacturing industries, most recently serving as CEO of Xcellerex, an early stage bio-manufacturing platform backed by Kleiner Perkins. Prior to Xcellerex, he was president of the $1.8 billion Laboratory Products Group at ThermoFisher Scientific.
Current Argotec executives Bruce Wilby and Nick Filler will continue in senior leadership roles with the business. “Argotec is a solid business that has performed well under Bruce and Nick’s leadership. Argotec provides a unique product with an intense focus on quality, and we believe that Guy Broadbent can leverage these key strengths to continue Argotec’s growth,” said Paul Peterson, a managing director at Wind Point.
Wind Point Partners invests from $20 million to $70 million of equity in companies with revenues from $100 million to $500 million and EBITDAs of at least $8 million. Industries of interest include business services, consumer products, healthcare and industrial products. The firm has approximately $2.5 billion in capital under management and has completed more than 90 investments and 161 add-on acquisitions across its seven private equity funds. Wind Point Partners is based in Chicago (www.wppartners.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 6-2-13