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Carolina Color Acquires Chroma Corporation

chromacolorstg on July 9, 2018

July 9, 2018. (Salisbury, North Carolina). Carolina Color Corporation (“Carolina Color”) announced today it has acquired Chroma Corporation, based in McHenry, Illinois. Chroma Corporation (“Chroma”) is a leading specialty color and additive concentrate business serving packaging, electronics, and many other markets. With this acquisition, Carolina Color continues to grow its manufacturing footprint throughout the U.S. to leverage its growing suite of colorant and additive technologies to better serve existing and prospective customers. Terms of the transaction were not disclosed.

“We are pleased to see Chroma, with its solid reputation in the Midwest, join our incredibly strong color businesses, Carolina Color, Breen, and Hudson, which were combined last year into Carolina Color,” stated George Abd, Chair of the Board of the company. “By combining these businesses that bring great product technology and reputations in the industry, we continue to execute our strategy of building the finest colorant company serving our markets. We are especially pleased to add the Chroma facility and team in McHenry, IL to our company as a strong base from which to grow and better serve our Midwest customer base.”

“We will continue to acquire key businesses with the capabilities and resources in locations that complement our current portfolio with the singular goal of meeting the colorant needs of both large and small plastic converters,” added Howard DeMonte, President of Carolina Color.

Chroma has provided total color solutions from its corporate headquarters in McHenry, Illinois, for more than 50 years. Chroma produces custom formulated masterbatch colors, dry colors, additive concentrates, and pre-color compounds for the packaging, electronic, safety, automotive, recreational, medical, and consumer products industries.

“We are exceedingly pleased to become part of this exceptional business,” added Chroma CEO Tom Bolger. “We were not considering a sale when approached, but we quickly warmed to the idea after meeting the team, hearing the vision, and reviewing Carolina Color’s considerable progress. Additionally, I worked with several of the key executives at Carolina Color earlier in my career and know them to be very talented, high-caliber people. I could not be more excited to remain with the company and I look forward to working with the entire Carolina Color team as we move the company forward together.”

About Carolina Color Corporation

Carolina Color Corporation is composed of four leading specialty color and additive concentrate supplier brands in the plastics marketplace. The brands include: Breen, Chroma, Hudson, and Carolina Color. This combined business, with sales of greater than $150 million, currently has an extensive manufacturing footprint throughout the U.S. Carolina Color was acquired by Arsenal Capital Partners in late 2017.

About Arsenal Capital Partners

Established in 2000, Arsenal is a leading private equity firm that specializes in investments in middle-market specialty industrials and healthcare business services companies.  Since inception, Arsenal has raised institutional equity investment funds of approximately $3 billion.  Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience and seeks companies typically in the range of $100 – $500 million of initial enterprise value.  The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add.  For more information, please visit www.arsenalcapital.com

Arsenal Capital Partners Acquires Carolina Color and Breen Color Concentrates

chromacolorstg on October 31, 2017

New York, October 31, 2017 – Arsenal Capital Partners (“Arsenal”), a leading private equity firm that invests in middle-market specialty industrial and healthcare companies, announced today that it has acquired Carolina Color Corporation (“Carolina Color”) as well as Breen Color Concentrates, LLC (“Breen”) alongside the management teams of each company.

Now under common ownership, the combination of Breen and Carolina Color immediately establishes a leading specialty color and additive concentrate supplier in the plastics market. The combined business has five manufacturing facilities throughout the U.S. and can leverage its growing suite of technologies and products across the broader platform to better serve existing and prospective customers.

Headquartered in Salisbury, NC, Carolina Color is a leading supplier of custom color concentrates for the plastics industry serving customers across multiple end markets. The company’s unique G2® and G3® products are recognized as the premier technologies in the colorants space and offer customers the highest-loaded combination of pigments and additives in the industry.

Matt Barr, Vice Chairman of Carolina Color stated, “I am excited about our new partnership with Arsenal and believe they are uniquely positioned to support our next phase of growth and development. Arsenal has significant experience in the specialty chemical and plastics sectors, as well as a highly knowledgeable team that will help Carolina Color and Breen grow. We look forward to working with them as the company continues to focus on providing advanced color solutions for customers.”

Headquartered in Lambertville, NJ, Breen is a leading supplier of custom color concentrates for the plastics industry with a focus on serving the wire & cable, packaging, and consumer end markets. The company’s expertise in custom color formulations for PVC resins has enabled it to become the market leader in a broad range of market applications. Additionally, in February 2016 Breen acquired Hudson Color Concentrates, enabling its expansion into engineered resin-based concentrates and further expanding its manufacturing footprint in the Northeast and Midwest U.S. Breen and Hudson were majority-owned by Connecticut-based private equity firm, Capital Partners.

“The combination of Breen and Carolina Color is a perfect fit of two players in the color concentrate space,” said Howard DeMonte, President of Breen. “This combination brings together complementary manufacturing capabilities, broadens our base of technologies, and expands our market reach. All of this with a shared vision of excellent service by experienced teams will enable us to better serve our customers.”

Tim Zappala, a Partner of Arsenal, said “We are excited to be partnering with great leadership teams that have a long history of delivering continued innovation and sustained growth. This combination represents the next phase of growth for both businesses and is an important milestone in our strategy to build a leading color concentrate business offering customized and proprietary solutions. We look forward to continue their track records of growth through both organic initiatives, as well as building through strategic acquisitions to further expand the platform’s product and service offering.”

“Both Carolina Color and Breen are customer-centric organizations, dedicated to providing the highest levels of service and technology,” said Joe Rooney, a Principal of Arsenal. “The combination will have a number of strengths to draw upon as we create a premier platform in the color concentrate space through continued investment in growth and acquisitions.”

Stout Risius Ross Advisors acted as financial advisor to Arsenal in conjunction with the acquisition of Breen.

About Arsenal

Established in 2000, Arsenal Capital Partners is a leading private equity firm that specializes in investments in middle-market specialty industrials and healthcare companies. Since inception, Arsenal has raised institutional equity investment funds of approximately $3 billion. Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience and seeks companies typically in the range of $100 – $500 million of initial enterprise value. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add.

https://www.arsenalcapital.com/