Wind Point Partners’ portfolio company Argotec has acquired Stevens Urethane, a division of JPS Industries. This is the first add-on acquisition for Argotec since being acquired by Wind Point in May 2013.
“Part of our original value creation plan at Argotec was to acquire businesses that gave Argotec access to new customers and new products. The Stevens acquisition is a great opportunity to expand into complementary markets with minimal customer overlap,” said Paul Peterson, a managing director at Wind Point.
Stevens Urethane is a polyurethane manufacturer in blown film, extruded sheet, tubing, cord, and profile form. The company’s products are used by OEMs in a wide variety of “can’t fail” applications in a range of markets, including medical, industrial, sporting goods, and consumer products. The company is based in Easthampton, MA (www.stevensurethane.com).
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. Argotec is headquartered in Greenfield, MA (www.argotec.com).
Wind Point acquired Argotec in May 2013 in partnership with Guy Broadbent, who joined the company as CEO. Mr. Broadbent has 27 years of experience in the plastics, specialty chemicals and technical & manufacturing industries, most recently serving as CEO of Xcellerex, an early stage bio-manufacturing business. Prior to that, he was President of the $1.8 billion Laboratory Products Group at ThermoFisher Scientific.
“Stevens is an ideal fit for Argotec,” said Mr. Broadbent. “Stevens brings Argotec new technical and manufacturing resources that will allow us to meet the rapidly increasing global demand for TPU film and sheet. We look forward to continuing to meet our customers’ application challenges and provide the excellent products and high level of customer service that Stevens and Argotec customers expect.”
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).
© 2014 PEPD • Private Equity’s Leading News Magazine • 5-7-14
