Arsenal announces sale of Accella Performance Materials to Carlisle for $670M
Arsenal Capital Partners announced that it has signed a definitive agreement to sell Accella Performance Materials to Carlisle Companies for $670M. Accella offers a broad range of polyurethane products and solutions across many markets and applications globally. The company, headquartered in Maryland Heights, Missouri, has annualized revenue of approximately $430M and operates out of 10 manufacturing facilities and seven R&D laboratories in the U.S., Germany, and China. This transaction represents the third exit in 2017 from Arsenal's third fund, following the sales of Flowchem to KMG Chemicals in June 2017 and Certara to EQT in August 2017. Cumulatively these three exits represent $2B of enterprise value, a $1.5B increase from initial acquisition. Arsenal continues to invest in new portfolio companies from its $1.3B fourth fund raised in 2016, including recent acquisitions of PolyOne Corporation's Designed Structures and Solutions business in July 2017 and of Cyalume Technologies in September 2017. The transaction is subject to customary closing conditions and regulatory approvals, and is expected to be completed in the fourth quarter of 2017.