Polytek, a portfolio company of Arsenal Capital Partners, has acquired Pro Marine Supplies.
Pro Marine is a provider of epoxy coating resins used by both professionals and hobbyists in a range of applications including arts, crafts, boat building, restoration and repair. The company was founded in 2013 by owner Matt Bonwill and is based in Englewood, FL (www.promarinesupplies.com).The buy of Pro Marine expands Polytek’s consumer brand portfolio and increases the company’s ability to offer a larger set of casting products to professional artists, crafters and the do-it-yourself community.
Polytek manufactures a line of specialty polymers including polyurethane elastomers and casting resins, silicone, latex, plastisol, thermoplastic elastomers, and epoxies. The company’s products are used in applications where molds are needed to reproduce complex objects in a variety of industrial, construction, entertainment, fine arts, and technology applications including concrete casting, special effects, tooling, sculpture, and prototyping. Customers include artists, sculptors, hobbyists, model makers and industrial users. Company-owned brands include California Medical Innovations, Raw Material Suppliers, Alumilite, BCC Products, and ETI Technology. Polytek, led by CEO Jonathan Kane, is headquartered north of Philadelphia in Easton, PA with additional facilities in Pomona, CA; Kalamazoo, MI; and Franklin, IN (www.polytek.com).
“Pro Marine’s unique experience in artistic and marine epoxy applications will allow us to provide additional product solutions, project inspiration, and technical support to our customers,” said Mr. Kane.
In May 2019, Polytek completed the add-on acquisition of Environmental Technology, a Fields Landing, CA-based maker of coating, casting and molding products used by professional artists, crafters and hobbyists. The company’s product line includes epoxy resins and clays, polyurethane and polyester resins, silicone rubbers and putties, and mold making and casting accessories (www.eti-usa.com).
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).
Genesis Capital (www.genesis-capital.com), which has assisted Polytek with other add-on acquisitions, was the financial advisor on this transaction.
© 2019 Private Equity Professional | June 12, 2019